Loretta Company paid 1,500,for an 60% investment in Elvis Company on 1-1-2018. On January 1, 2016, Elvis capital stock was $300,000 and retained earnings were $200,000.

The book value of Elvis assets and liabilities equaled their fair values except for land and buildings with a 20 year life.

The fair value over the book value of land was 20,000. The fair value over the book value of buildings was 40,000. Elvis company had net income of 175,000 in 2018. Calculate Loretta net income from Elvis for 2018.