Egret Corporation acquired an 80% interest in Tick Corporation at book value in 2004. During 2005, Egret sold $148,000 of merchandise to Tick at 160% of Egrets cost. Ticks beginning and ending inventories for 2005 were $38,000 and $44,000, respectively. Income statement information for both companies for 2005 is as follows:
															Egret		Tick
													Sales Revenue	$	330,000	$	180,000
Income from Tick		30,400
Cost of Goods Sold	(	190,000	)(	112,000	)
Expenses	(	65,000	)(	30,000	)
Net Income	$	105,400	$	38,000
Required:
Prepare a consolidated income statement for Egret Corporation and Subsidiary for 2005.