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Answer in given format. Gibson acquired 60 percent of Davis on April 1, 2018, for $576,600. On that date, equipment owned by Davis (with a

Answer in given format.

Gibson acquired 60 percent of Davis on April 1, 2018, for $576,600. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $33,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $384,400. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018. Prepare a consolidated income statement for the year ending December 31, 2018. Determine the consolidated balance for each of the following accounts as of December 31, 2018:

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