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Femur Co Acquired 70% of the Voting Common Stock of Harbor

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Femur Co. acquired 70% of the voting common stock of Harbor Corp. on January 1, 2014. During 2014, Harbor had revenues of $2,500,000 and expenses of $2,000,000. The amortization of excess cost allocations totaled $60,000 in 2014.
What is the effect of including Harbor in consolidated net income for 2014?


Definitions:

Virginia Company

An English joint-stock company chartered by King James I in 1606 to establish settlements in North America, notably founding Jamestown.

Jamestown

The first permanent English settlement in the Americas, founded in 1607 in present-day Virginia.

Settlement Strategy

A planned approach to establish and develop communities or territories, often involving policies, infrastructural development, and allocation of resources.

John Rolfe

An English settler in Jamestown, Virginia, known for introducing tobacco cultivation to the colony, which became a major economic commodity.

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