The financial statements for Jode Inc. and Lakely Corp., just prior to their combination, for the year ending December 31, 2010, follow. Lakely's buildings were undervalued on its financial records by $60,000. 
On December 31, 2010, 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, 2010.
Definitions:
Drug-Seeking Behavior
Actions and behaviors exhibited by individuals attempting to obtain medications, often narcotics, for misuse or abuse.
Placebo Medication
A substance with no therapeutic effect, often used in clinical trials to test the effectiveness of another medication by comparison.
Time Delay
A period of waiting between when an action is initiated and when its effect occurs.
Maximum Dose
The highest amount of a medication or drug that is considered safe to administer to a patient over a specific period.
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