Follo ng are the individual financial statements for Gibson and Davis for the year 2024: Account Sales Cost of goods sold Operating expenses Dividend Income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/24 Total liabilities and stockholders' equity Gibson $ (600,000) 300,000 Davis S (300.000) 140,000 174,000 (24,000) 60,000 0 $ (150,000) $ (100,000) $(700,000) (150,000) 80,000 $ (770,000) $ (400,000) (100.000) 40,000 $ (460,000) $ 100,000 190,000 0 600,000 400,000 $248,000 500,000 528,000 524,000 400,000 $2,200,000 $ 1,290,000 $ (800,000) (630,000) (770,000) $(2,200,000) $ (490,000) (340,000) (460,000) $ (1,290,000) percent Gibson acquired 60 percent of Davis on April 1, 2024, for $528,000. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $30,000. Also on that date, the fair value of the 40 noncontrolling interest was $352,000. Davis earned income evenly during the year but declared the S40,000 dividend on November 1, 2024. Prepare a consolidated income statement for the year ending December 31, 2024.