Determine the consolidated balance for each of the following accounts as of December 31, 2021GoodwillEquipment Common stockBuilding (net)Dividends declared

Saved Help Save & Exit Submit Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: 4 Gibson Davis Sales $ (720, 000) $ (482, 000) Cost of goods sold 371, 000 239,000 Operating expenses 202, 000 76, 000 Dividend income (24, 000) 8 Net income $ (171, 000) $ (167, 000) 02:50:52 Retained earnings, 1/1/21 (715, 000) (445, 000) Net income (171, 000) (167, 000) Dividends declared 70 , 000 40 , 000 Retained earnings, 12/31/21 $ (816, 000) $ (572, 000) Cash and receivables $ 93 , 950 53 , 000 Inventory 569 , 000 258, 000 Investment in Davis 589 , 050 Buildings (net) 595 , 000 655 , 000 Equipment (net) 466, 000 476, 000 Total assets $ 2,313, 000 $ 1, 442, 000 Liabilities $ (867 , 000) $ (530 , 000) Common stock (630, 000) (340, 000) Retained earnings, 12/31/21 (816, 000) (572, 000) Total liabilities and stockholders' equity $ (2, 313 , 000) $ ( 1, 442, 000) Gibson acquired 60 percent of Davis on April 1, 2021, for $589,050. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $66,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $392,700. Davis earned income evenly during the year but declared the $40,000 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: Mc Graw