Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,440,000 in cash. At the acquisition date, Eddy Tech's stockholders' equity was $7,210,000 including retained earnings of $3,435,000. At the acquisition date, Angela prepared the following fair value allocation schedule for its newly acquired subsidiary: $ 9,440,000 7,210,000 $ 2,230,000 Consideration transferred Eddy's stockholder's equity Excess fair over book value to patented technology (5-year remaining life) to trade names (indefinite remaining life) to equipment (8-year remaining life) Goodwill $ 162,000 530,500 70,000 762,500 $ 1,467,500 At the end of 2021, 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. Sales Cost of goods sold Depreciation expense Amortization expense Other operating expenses Angela $ (8,482,500) 4,268, 250 424,000 301,000 83,800 $ (3,405, 450) Eddy Tech $ (2,785,000) 1,492,500 56,000 25,600 71,700 $ (1,139,200) Net income 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. Angela Company and Subsidiary Consolidated Income Statement For the year ended December 31, 2021 Sales $ 11,267,500 5,760,750 $ 5,506,750 Cost of goods sold Gross profit Depreciation expense Amortization expense Other operating expenses Consolidated net income 0 $ 5,506,750