Jazz Corporation receives management consulting services from its 90 percent owned subsidiary, Laker Inc. During 20X7, Jazz paid Laker $70,000 for its services. Laker's labor cost and other associated costs for the employees providing services to Jazz totaled $30,000 in 20X7. Jazz reported $330,000 of income from its own separate operations for 20X7, and Laker reported net income of $85,000. Based on the preceding information, what amount of income should be reported as consolidated income on the 20X7 Consolidated Financial Statements