Parent Company owns 55% of Subsidiary company. The 2019 Income Statements of both companies are as following below. Fiscal Year in both companies end same on December 31. Both companies have a tax rate of 35%.

Gross Profit	$80,000	$60,000
Miscellaneous Expenses	$20,000	$20,000
Depreciation Expense	$30,000	$15,000
Income Tax Expense	$10,500	$ 8,750
Net Income	$19,500	$ 16,250

1. Calculate the 2019 Consolidated Net Income as at December 31, including the share attributable to the non-controlling interest. (3.5 marks)