any other answers on chegg don't match this one

Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015: Gibson (643,000 (397,500) Sales Cost of goods sold 321,000 98,000 operating expenses 80,000 75,500 Dividend income 24,000 166,000 (24,000) Net income (748,000) (405,000) Net income 66,000 (124,000) Dividends declared 70,000 40,000 (844,000) (489,000) Retained earnings, 12/31/15 254,400 49,000 Cash and receivables 550,000 230,000 Investment in Davis 531,600 Buildings (net) 525,000 612,000 Equipment (net) 495,000 412,000 2,356,000 1,403,000 Total assets (882,000) (574,000) abilities Com mon stock 630,000 (340,000 Retained earnings, 12/31/15 844,000 489,000) $(2,356,000 $(1,403,000) Total liabilities and stockholders' equity Gibson acquired 60 percent of Davis on April 1, 2015, for $531,600. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $75,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $354/400. Davis earned income evenly during the year but declared the $40,000 dividend on November 1,2015. a. Prepare a consolidated income statement for the year ending December 31, 2015. (Enter all amounts as positive values.) Consolidated Income Statement For the Year Ending December 31, 2015 S Controlling interest in CNI b. Determine the consolidated balance for each of the following accounts as of December 31,2015. Goodwi Equipment (net) Common stock Buildings (net) Dividends declared Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015: Gibson (643,000 (397,500) Sales Cost of goods sold 321,000 98,000 operating expenses 80,000 75,500 Dividend income 24,000 166,000 (24,000) Net income (748,000) (405,000) Net income 66,000 (124,000) Dividends declared 70,000 40,000 (844,000) (489,000) Retained earnings, 12/31/15 254,400 49,000 Cash and receivables 550,000 230,000 Investment in Davis 531,600 Buildings (net) 525,000 612,000 Equipment (net) 495,000 412,000 2,356,000 1,403,000 Total assets (882,000) (574,000) abilities Com mon stock 630,000 (340,000 Retained earnings, 12/31/15 844,000 489,000) $(2,356,000 $(1,403,000) Total liabilities and stockholders' equity Gibson acquired 60 percent of Davis on April 1, 2015, for $531,600. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $75,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $354/400. Davis earned income evenly during the year but declared the $40,000 dividend on November 1,2015. a. Prepare a consolidated income statement for the year ending December 31, 2015. (Enter all amounts as positive values.) Consolidated Income Statement For the Year Ending December 31, 2015 S Controlling interest in CNI b. Determine the consolidated balance for each of the following accounts as of December 31,2015. Goodwi Equipment (net) Common stock Buildings (net) Dividends declared