On January 1, 2020, Larmer Corp. (a Canadian company) purchased 80% ofMartin Inc, an American company, for US$50,000. Martin's book values approximated its fair values on that date except for plant and equipment, which had a fair value of US$30,000 with a remaining life expectancy of 5 years. A goodwill impairment loss of US$1,000 occurred during 2020. Martin's January 1, 2020, Balance Sheet is shown below (in U.S. dollars):

Current Monetary Assets	$50,000
Inventory	$40,000
Plant and Equipment	$25,000
Total Assets	$115,000
Current Liabilities	$45,000
Bonds Payable (maturity: January 1, 2026)	$20,000
Common Shares	$30,000
Retained Earnings	$20,000
Total Liabilities and Equity	$115,000

Sales, purchases, and other expenses occurred evenly throughout the year. Dividends declared and paid December 31, 2020. The financial statements of Larmer (in Canadian dollars) and Martin (in U.S. dollars) are shown below:

Balance Sheets

	Larmer In C$	Martin In US$
Current Monetary Assets	$42,050	$65,000
Inventory	$60,000	$50,000
Plant and Equipment	$23,500	$20,000
Investment in Martin (at Cost)	$66,250
Assets	$191,800	$135,000
Current Liabilities	$50,000	$48,000
Bonds Payable (maturity: January 1, 2026)	$35,000	$20,000
Common Shares	$60,000	$30,000
Retained Earnings	$30,000	$20,000
Net Income	$28,800	$27,000
Dividends	($12,000)	($10,000)
Liabilities and Equity	$191,800	$135,000
Income Statements	Larmer In C$	Martin In US$
Sales	$80,000	$50,000
Dividend Income	$10,800
Cost of Sales	($40,000)	($15,000)
Depreciation	($10,000)	($5,000)
Other expenses	($12,000)	($3,000)
Net Income	$28,800	$27,000

The following exchange rates were in effect during 2020:

January 1, 2020:	US $1 = CDN $1.3250
Average for 2020:	US $1 = CDN $1.3350
Date when Ending Inventory Purchased:	US $1 = CDN $1.34
December 31, 2020:	US $1 = CDN $1.35

Calculate Larmer's Consolidated Net Income for 2020 if Martin's functional currency is the U.S. dollar (i.e., the functional currency of the foreign subsidiary is different than the parent's functional currency).