Remburn Inc. Inc. purchased 90% of the outstanding voting shares of Stanton Inc. for $90,000 on January 1, 2019. On that date, Stanton Inc. had common shares and retained earnings worth $30,000 and $20,000, respectively. The equipment had a remaining useful life of 10 years from the date of acquisition. Stanton's trademark is estimated to have a remaining life of 5 years from the date of acquisition. Stanton's bonds mature on January 1, 2039. The inventory was sold in the year following the acquisition. Both companies use straight-line amortization, and no salvage value is assumed for assets. Remburn Inc. and Stanton Inc. declared and paid $12,000 and $4,000 in dividends, respectively during the year.

The balance sheets of both companies, as well as Stanton's fair values on the date of acquisition, are shown below:

	Remburn Inc.	Stanton Inc.	Stanton Inc.
	(carrying value)	(carrying value)	(fair value)
Cash	$400,000	$5,000	$5,000
Accounts Receivable	$240,000	$30,000	$30,000
Inventory	$60,000	$30,000	$50,000
Investment in Stanton Inc.	$90,000
Equipment (net)	$160,000	$25,000	$20,000
Land		$20,000	$30,000
Trademark		$10,000	$15,000
Total Assets	$950,000	$120,000
Current Liabilities	$500,000	$50,000	$50,000
Bonds Payable	$120,000	$20,000	$30,000
Common Shares	$200,000	$30,000
Retained Earnings	$130,000	$20,000
Total Liabilities and Equity	$950,000	$120,000

The following are the financial statements for both companies for the fiscal year ended December 31, 2019:
Income Statements

Sales	$295,750	$125,000
Dividend income	$3,600
Less: Expenses:
Cost of Goods Sold	$200,000	$19,000
Depreciation	$10,000	$25,000
Interest Expense	$16,000	$36,000
Other Expenses	$5,000	$28,000
Gain on Sale of Land	$-	$(8,000)
Net Income	$68,350	$25,000

Retained Earnings Statements

Balance, January 1, 2019	$130,000	$20,000
Net Income	$68,350	$25,000
Dividends	$(12,000)	$(4,000)
Balance, December 31, 2019	$186,350	$41,000

Balance Sheets

	Remburn Inc.	Stanton Inc.
Cash	$190,950	$156,000
Accounts Receivable	$200,000	$150,000
Investment in Stanton Inc.	$90,000
Inventory	$100,000	$30,000
Equipment (net)	$350,000	$25,000
Trademark		$10,000
Total Assets	$930,950	$371,000
Current Liabilities	$424,600	$280,000
Bonds Payable	$120,000	$20,000
Common Shares	$200,000	$30,000
Retained Earnings	$186,350	$41,000
Total Liabilities and Equity	$930,950	$371,000

Both companies use a FIFO system, and Stanton's entire inventory on the date of acquisition was sold during the following year. In 2019, Stanton Inc. borrowed $20,000 in cash from Remburn Inc. interest-free to finance its operations. Remburn uses the Cost Method to account for its investment in Stanton Inc. Moreover, Stanton sold all of its lands during the year for $28,000. Goodwill impairment for 2019 was determined to be $7,000.

Rembern has chosen to value the non-controlling interest in Stanton on the acquisition date at the fair value of the subsidiary's identifiable net assets (identifiable net assets method).

Required: Prepare Remburn's consolidated income statement for the year ended December 31, 2019, and show the allocation of the consolidated net income between the controlling and non-controlling interests.