Lake acquired a controlling interest in Boxwood several years ago. During the current fiscal period, the two companies individually reported the following income (exclusive of any investment income): Lake $ 387,000 Boxwood 129,000 Lake paid a $50,000 cash dividend during the current year and Boxwood distributed $12,000. Boxwood sells inventory to Lake each period. Intra-entity gross profits of $15,200 were present in Lake's beginning inventory for the current year, and its ending inventory carried $32,200 in intra-entity gross profits. View each of the following questions as an independent situation. The effective tax rate for both companies is 40 percent. If Lake owns a 60 percent interest in Boxwood, what total income tax expense must be reported on a consolidated income statement for this period