On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $498,000 cash. The acquisition-date fair value of the noncontrolling interest was $55,300. At January 1, 2016, Stars net assets had a total carrying amount of $387,100. Equipment (eight-year remaining life) was undervalued on Stars financial records by $56,000. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $49,000 in 2016 and $56,000 in 2017. Each year since the acquisition, Star has declared a $14,000 dividend. At January 1, 2018, Prides retained earnings show a $175,000 balance. Selected account balances for the two companies from their separate operations were as follows: Pride Star 2018 Revenues $ 348,700 $ 199,600 2018 Expenses 245,200 136,600 Problem 4-7 (LO 4-4) What is consolidated net income for 2018?