E3-9 Calculate consolidated net income one year after acquisition Patta and Qira Corporations' income statements for 2016 are summarized as follows (in thousands): Sales Cost of Sales Depreciation expense Other expense Net Income Patta $7,500 (3,200) (500) (1,280) $2,520 Qira $2,500 (1,000) (200) (500) $800 Patta Corporation paid $2,000,000 in cash for a 90 percent interest in Qira Corporation on December 31, 2015, and subsequently discovered undervalued equipment, with a three-year remaining useful life, of $120,000. REQUIRED: Calculate the consolidated net income of Patta Corporation and Subsidiary for 2016