Required information Jaynes Inc. acquired all of Aaron Co.'s common stock on January 1, 2017, by issuing 11,000 shares of $1 par value common stock. Jaynes' shares had a $17 per share fair value. On that date, Aaron reported a net book value of $120,000. However, its equipment (with a five-year remaining life) was undervalued by $6,000 in the company's accounting records. Any excess of consideration transferred over fair value of assets and liabilities acquired is assigned to an unrecorded patent to be amortized over ten years. The following figures came from the individual accounting records of these two companies as of December 31, 2017: Jaynes Inc. $ 720,000 528,000 Not given 100,eee Aaron Co. $276,0ee 144,000 Revenues Expenses Investment incone Dividends paid 60,000 The following figures came from the individual accounting records of these two companies as of December 31, 2018 Jaynes Inc. $ 840,000 552,000 Aaron Co. $ 336,000 180,000 Revenues Expenses Investment income Dividends paid Equipment Retained earnings, 12/31/18 balance Not given 110,000 se,00e 360,000 216,000 600,000 960,000 What was consolidated net income for the vear ended December 31, 2018