Large Corporation purchased an 90 percent interest in Small Corporation for $900,000 on January 1, 2016, at which time Smallns stockholders equity consisted of $700,000 common stock and $200,000 retained earnings. The excess fair value over book value was goodwill. Comparative income statements for the two corporations for 2017 are as follows

	Large	Small
Sales	$2,500	$1,000
Income from Son	300
Cost of sales	(1,000)	(500)
Depreciation expense	(250)	(75)
Other expenses	(250)	(100)
Net income	$1,300	$325

Dividends of Large and Small for all of 2017 were $500,000 and $200,000, respectively. During 2016 Small sold inventory items to Large for $150,000. This merchandise cost Small $100,000, and one-fifth of it remained in Larges December 31, 2016, inventory. During 2078 Smalls sales to Large were $160,000. This merchandise cost Small $120,000, and one-half of it remained in Larges December 31, 2017, inventory.

Prepare a consolidated income statement for Large Corporation and Subsidiary for the year ended December 31, 2017. (show all work/computations to support answer)