Griffin Inc. acquired all of Lewis Co.'s common stock on January 1, 2020, by issuing 12,000 shares of $1 par value common stock. Griffins shares had a $15 per share fair value. On that date, Lewis reported a net book value of $135,000. However, its equipment (with a five-year remaining life) was undervalued by $7,500 in the company's accounting records. Any excess of consideration transferred over fair value of assets and liabilities acquired is assigned to an unrecorded patent to be amortized over ten years.

The following figures came from the individual accounting records of these two companies as of December 31, 2020:

Griffin Inc. Lewis Co.

Revenues $ 750,000 $ 300,000

Expenses 540,000 140,000

Investment income Not given

Dividends paid 90,000 50,000

The following figures came from the individual accounting records of these two companies as of December 31, 2021:

Griffin Inc. Lewis Co.

Revenues $ 895,000 $ 350,000

Expenses 570,000 200,000

Investment income Not given

Dividends paid 100,000 45,000

Equipment 610,000 365,000

Retained earnings, 12/31/21 balance 980,000 240,000

What was consolidated net income for the year ended December 31, 2021?