Highlight, Inc., owns all outstanding stock of Kiort Corporation. The two companies report the following balances for the year ending December 31, 2020: Revenues and interest income Operating and interest expense Other gains and losses Net income Highlight $ (670,000) 540,000 (120,000) $ (250,000) Kiort $ (390,000) 221,000 (32,000) $ (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.) Amount Revenues and interest income Operating and interest expense Other gains and losses Gain (loss) on retirement of debt Net income