Nichewent Corporation acquired 70% of Convent Corporation's common stock for $700,000 on January 1, 20X2. During 20X2, Nichewent reported the following for 20X2: 

Sales $600,000; 

Cost of Goods Sold $30,000; 

Depreciation Expense $50,000; 

Other Expenses $20,000. 

During the same year, Convent reported the following: 

Sales $300,000; 

Cost of Goods Sold $30,000; 

Depreciation Expense $60,000; 

Other Expenses $30,000. 

Goodwill was impaired $4,000 during 20X2. 

What would be the consolidated net income at the end of 20X2 ?