E 7-5 Consolidated Income statement (purchase of parent's bonds) Comparative income statements for Laode Corporation and its 80 percent-owned subsidiary, Ucok Corporation, for 2017 are summarized as follows (in thousands): Laode Ucok Sales $2,000 Income from Ucok 282.4 Bond interest income Cost of sales 1.250 Operating expenses 250 Bond interest expense 87 Net income $695.4 5800 $308 Laode purchased its interest in Ucok on January 1, 2016, when the book value of Ucok's net assets equaled fair value. On January 2, 2017, Ucok purchased $300,000 of Laode's $900,000 par of 10 percent, 10-year outstanding bonds for $270,000 in the bond market. There is an unamortized premium of $30,000 on the bond issue. The company use straight-line amortization REQUIRED: Prepare a consolidated income statement for Laode Corporation and Subsidiary for the year ended December 31, 2017