World Series of Poker Corporation (WSOP) is the primary beneficiary of Poker Room, Inc. (PR), a VIE. Therefore, consolidation is required under ASC 810. PR is a real estate holding company that owns and operates certain buildings used by WSOP. PR leases the buildings to WSOP using formal lease agreements. Rent expense paid by WSOP to PR was $400,000 and rental income received by PR from WSOP was $400,000. There were no other transactions between WSOP and PR during 2013. For the year ended December 31, 2013, WSOP's net income was $5,000,000 and the net income of PR was $100,000. When consolidating the two entities under ASC 810 what is consolidated net income after all eliminations and adjustments?

Select one:

a.

$4,600,000

b.

$5,000,000

c.

$5,100,000

d.

$5,400,000