Pittle Corporation acquired a 80% interest in Seel Corporation at a cost equal to 80% of the book value of Seel's net assets several years ago. At the time of purchase, the fair value and book value of Seel's assets and liabilities were equal. Pittle purchases its entire inventory from Seel at 150% of Seel's cost. During 2014, Seel sold $490,000 of merchandise to Pittle. Pittle's beginning and ending inventories for 2014 were $72,000 and $66,000, respectively. Income statement information for both companies for 2014 is as follows:

	Pittle	Seel
Sales Revenue	$820,000	$440,000
Investment income from Sitt	145,600
Cost of Goods Sold	-460,000	-165,000
Expenses	-120,000	-95,000
Net Income	$385,600	$180,000
Required:
Prepare a consolidated income statement for Pittle Corporation and Subsidiary for 2014.