Parent bought some of the shares of Subsidiary as indicated below on December 31, 20X0. Sub's balance sheet at that time is shown below, along with the fair value (FV) of Sub's assets and liabilities at the date of acquisition Subsidiary Company Balance Sheet as of December 31, 20X0 NBV FMV Difference 79,000 96,700 24,000 248,000 56,100 20,000 79,000 87,000 Cash Equipment Accumulated depreciation Other assets Note receivable Patent Goodwil Total 14,300 248,000 53,300 28,000 73,000 568,300 2,800 8,000 73,000 92,500 475,800 Liabilities Note pavable Common stock ($1 par APIC Retain Earn Total 152,000 81,200 48,000 55,000 139,600 475,800 152,000 75,500 340,800 5,700 98,200 568,300 92,500 Parent Subsidi Net income for 20X1 Dividends for 20X1 116,000 17,000 55,000 8,000 43,200 7.10 Shares acquired Market value per share Useful life of equipment Useful life of patent Note receivable $ Time to maturity Interest rate 5.00% Due in equal annual payments of principal and interest Note payable Time to maturity Interest rate 4.50% Due in equal annual payments of principal and interest What is consolidated net income assuming Parent uses the cost method of accounting for its investment