Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc. on January 1, 2018, in exchange for $9,580,000 in cash. At the acquisition date, Eddy Tech's stockholders' equity was $7,230,000 including retained earnings of $3,305,000. At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary: Consideration transferred Eddy's stockholder's equity Excess fair over book value $ 9,580,000 7,230,000 $ 2,350,000 to patented technology (5-year remaining life) to trade names (indefinite remaining life) to equipment (8-year remaining life) Goodwil1 153,000 508,500 82,000 743,500 $ 1,606, 500 At the end of 2018, Angela and Eddy Tech report the following amounts from their individually maintained account balances, before consideration of their parent-subsidiary relationship. Parentheses indicate a credit balance Angela Sales Cost of goods sold Depreciation expense Amortization expense Other operating expense:s Net income $ (8,482,500 4,268,250 508,000 321,000 94,400 5 (3.290,850) Eddy Tech (2,580,000) 1,390,000 60,800 14,600 64,800 (1,049,800 Required Prepare a 2018 consolidated income statement for Angela and its subsidiary Eddy Tech. Assume that Angela, as a private company elects to amortize goodwill over a 10 year period Angela Company and Subsidiary Consolidated Income Statement For the year ended December 31, 2018