Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,790,000 in cash. At the acquisition date, Eddy Techs stockholders equity was $7,400,000 including retained earnings of $3,340,000.

At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary:

Consideration transferred				$	9,790,000
Eddys stockholders equity					7,400,000
Excess fair over book value				$	2,390,000
to patented technology (5-year remaining life)	$	183,500
to trade names (indefinite remaining life)		505,000
to equipment (8-year remaining life)		90,000			778,500
Goodwill				$	1,611,500

At the end of 2021, Angela and Eddy Tech report the following amounts from their individually maintained account balances, before consideration of their parentsubsidiary relationship. Parentheses indicate a credit balance.

	Angela				Eddy Tech
Sales	$	(8,355,000	)		$	(2,785,000	)
Cost of goods sold		4,204,500				1,492,500
Depreciation expense		474,000				64,000
Amortization expense		327,000				14,200
Other operating expenses		89,800				58,800
Net income	$	(3,259,700	)		$	(1,155,500	)

Required:

Prepare a 2021 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.