On January 1, 2019, Biscayne Corporation purchased 80% of Arches corporation for $1,000,000. On December 31, 2019, Biscayne reports revenues of $800,000 and expenses of $450,000, and Arches reports revenues of $600,000 and expenses of $400,000. The parent figures contain no income from the subsidiary. The annual excess fair-value amortization is $40,000. What is the consolidated net income attributable to Biscayne Corporation?

a. 550,000

b. 510,000

c. 478,000

d. 440,000

e. 408,000