Camrose Accurate Transport (CAT) buys 100% of Delivery Over Ground (DOG) in exchange for $120,000. Each of the above companies prepares their own sets of financial records as follows as of December 31, 2019. CAT DOG Assets Cash 16,000 5,000 Note Receivable from DOG 17,500 0 Investment in DOG 120,000 0 Capital Assets - Net of A/A 50,000 120,000 Other Assets 14,000 25,000 Total Assets 217,500 150,000 Liabilities & Shareholder Equity Accounts Payable Note Payable to CAT Common Shares Retained Earnings Total Liabilities & Shareholders Equity 26,000 0 1,000 190,500 217,500 10,500 17,500 1,000 121,000 150,000 Required: Prepare the consolidated balance sheet and any necessary eliminating items required. Marks Available: If CAT only owned 60% of DOG and reported net income of $220,000 as of December 31, 2019 and DOG reported net income of $140,000 as of December 31, 2019, what should CAT's consolidated net income be? Marks Available: 1