Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,540,000 in cash. At the acquisition date, Eddy Techs stockholders equity was $7,580,000 including retained earnings of $3,060,000.

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

Consideration transferred				$	9,540,000
Eddys stockholders equity					7,580,000
Excess fair over book value				$	1,960,000
to patented technology (5-year remaining life)	$	157,000
to trade names (indefinite remaining life)		532,500
to equipment (8-year remaining life)		56,000			745,500
Goodwill				$	1,214,500

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	$	(8,272,500	)		$	(2,835,000	)
Cost of goods sold		4,163,250				1,517,500
Depreciation expense		480,000				50,400
Amortization expense		310,000				25,400
Other operating expenses		76,400				75,600
Net income	$	(3,242,850	)		$	(1,166,100	)

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.