The financial statements for Jode Inc. and Lakely Corp., just prior to their combination, for the year ending December 31, 2020, follow. Lakely's buildings were undervalued on its financial records by $60,000. Revenues Expenses $ 1,300,000 Jode Inc. Lakely Corp. $ 500,000 (1,180,000) (290,000) Net income $ 120,000 $ 210,000 Retained earnings, January 1, 2020 $ 700,000 $ 500,000 Net income (from above) 120,000 Dividends declared (110,000) 210,000 (110,000) Retained earnings, December 31, 2020 $ 710,000 $ 600,000 Cash $ 160,000 $ 120,000 Receivables and inventory 240,000 Buildings (net) 700,000 Equipment (net) Total assets Liabilities 700,000 $ 1,800,000 240,000 350,000 600,000 $1,310,000 $ 250,000 $ 195,000 Common stock 750,000 Additional paid-in capital Retained earnings, 12/31/20 90,000 710,000 430,000 85,000 Total liabilities and stockholders' equity $ 1,800,000 600,000 $1,310,000 On December 31, 2020, Jode issued 54,000 new shares of its $10 par value stock in exchange for all the outstanding shares of Lakely. Jode's shares had a fair value on that date of $35 per share. Jode paid $34,000 to an investment bank for assisting in the arrangements. Jode also paid $24,000 in stock issuance costs to effect the acquisition of Lakely. Lakely will retain its incorporation. Required: Determine consolidated net income for the year ended December 31, 2020.