Femur Co. owns 70% of the voting common stock of Harbor Corp. During 2009, Harbor had revenues of $2,500,000 and expenses of $2,000,000. The amortization of excess cost allocations totaled $60,000 in 2009. Femur Co. accounts for its consolidations according to SFAS 141(R) and SFAS 160.

Q.What is the net effect of the inclusion of Harbor on consolidated net income for 2009?

A.. $440,000

Please show the answer with steps. Thanks.

A.