This should be simple enough but I keep getting the wrong answer. Please help and show explicitly how the answer was achieved.

What is consolidated net income for 2018?

Use the below info:

Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $510,000 cash. Immediately after the acquisition, the two companies have the following account balances. Clays equipment (with a five-year remaining life) is actually worth $440,000. Credit balances are indicated by parentheses.

	Adams		Clay
Current assets	$	300,000	$	220,000
Investment in Clay		510,000		0
Equipment		600,000		390,000
Liabilities		(200,000)		(160,000)
Common stock		(350,000)		(150,000)
Retained earnings, 1/1/17		(860,000)		(300,000)

In 2017, Clay earns a net income of $55,000 and declares and pays a $5,000 cash dividend. In 2017, Adams reports net income from its own operations (exclusive of any income from Clay) of $125,000 and declares no dividends. At the end of 2018, selected account balances for the two companies are as follows:

	Adams			Clay
Revenues	$	(400,000	)	$	(240,000	)
Expenses		290,000			180,000
Investment income		Not given			0
Retained earnings, 1/1/18		Not given			(350,000	)
Dividends declared		0			8,000
Common stock		(350,000	)		(150,000	)
Current assets		580,000			262,000
Investment in Clay		Not given			0
Equipment		520,000			420,000
Liabilities		(152,000	)		(130,000	)