Continuous downstream intercompany inventory transactions\ Assume that a parent company owns a 100% controlling interest in its long-held subsidiary. During the year ended December 31, 2022, the parent and subsidiary had stand alone (i.e., before any equity method adjustments) pre-consolidation income equal to $240,000 and $96,000, respectively. During the year ended December 31, 2021, the parent sold $32,000 of merchandise to the subsidiary. During the year ended December 31, 2022, the parent sold $24,000 of merchandise to the subsidiary. On December 31, 2021 and 2022, the subsidiarys ending inventory included $12,000 and $8,000, respectively, of merchandise purchased from the parent. The parent company realizes profits of 25% of selling price on intercompany transactions. What is the amount of the parents consolidated net income for the year ending December 31, 2022?