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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ Davis (498,000) 231,000 73,000 Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and stockholders' equity Gibson $ (594,000) 307,000 143,000 (18,000 $ (162,000) $ (784, 000) (162,000) 80,000 $ (866,000) $ 145, 100 576,000 600,900 611,000 438,000 $ 2,371,000 (875,000 (630,000) (866,000 $ (2,371,000) $ (194,000) $ (489,000) (194,000) 30,000 $ (653,000) $ 157,000 241,000 0 606,000 481,000 $ 1,485,000 $ (492,000) (340,000) (653,000) $ (1,485,000) Gibson acquired 60 percent of Davis on April 1, 2021, for $600,900. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $69,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $400,600. Davis earned income evenly during the year but declared the $30,000 dividend on November 1, 2021. a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accounts as of December 31, 2021: Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Required A Required B Prepare a consolidated income statement for the year ending December 31, 2021. (Enter all amounts as positive values.) Consolidated Income Statement For the Year Ending December 31, 2021 0 0 $ 0 Required A Required B > Required A Required B Determine the consolidated balance for each of the following accounts as of December 31, 2021: Goodwill Equipment (net) Common stock Buildings (net) Dividends declared