Highlight, Inc., owns all outstanding stock of Kiort Corporation. The two companies report the following balances for the year ending December 31, 2020:

	Highlight				Kiort
Revenues and interest income	$	(670,000	)		$	(390,000	)
Operating and interest expense		540,000				221,000
Other gains and losses		(120,000	)			(32,000	)
Net income	$	(250,000	)		$	(201,000	)

Note: Parentheses indicate a credit balance.

On January 1, 2020, Highlight acquired on the open market bonds for $108,000 originally issued by Kiort. This investment had an effective rate of 8 percent. The bonds had a face value of $100,000 and a cash interest rate of 9 percent. At the date of acquisition, these bonds were shown as liabilities by Kiort with a carrying amount of $84,000 (based on an effective rate of 11 percent).

Determine the balances that should appear on a consolidated income statement for 2020. (Enter all amounts as positive amounts except for losses.) Explain and/or Show All Work

	Amount
Revenues and interest income
Operating and interest expense
Other gains and losses
Gain (loss) on retirement of debt
Net income