Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc. on January 1, 2018, in exchange for $9,000,000 in cash. At the acquisition date, Eddy Tech's stockholders' equity was $7,200,000 including retained earnings of $3,000,000 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 $ 9,000,000 7,200,000 1,800,000 to patented technology (5-year remaining life) to trade names (indefinite remaining life) to equipment (8-year remaining life) Goodwill $ 150,000 500,000 50,000 700,000 $ 1,100,000 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 Eddy Tech Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Net income (7,850,000) (2,400,000) 1,300,000 48,000 12,000 53,750 4, 200,000 425,000 250,000 75,000 $ (2,900, ,000) (986,250) 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