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Following are the Indivdual financlal statements for Gibson and Davis for the year ending December 31, 2021: Gibson acquired 60 percent of Davis on April

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Following are the Indivdual financlal statements for Gibson and Davis for the year ending December 31, 2021: Gibson acquired 60 percent of Davis on April 1, 2021, for $604,200. On that date, equipment owned by Davis (with a fiveyear remaining life) was overvalued by $81,000. Also on that date, the falr value of the 40 percent noncontrolling interest was $402800 Davks earned income evenly during the year but declared the $40,000 dividend on November 1, 2021. a. Prepare a conkolidated income statememt for the year ending December 31, 2021. b. Defermine the consolisated balance for each of the following sceounts as of December 31, 2021: Goodwill Equipment (net) Common stock Bulidinge inet Dividendis dectared Complote this question by entering your answers in the tabs below. Prepare a consolidated income statement for the year ending December 31/ 2021. (Enter all amounti as positive vilues.) Complete this question by entering your answers in the tabs below. Determine the consolidated balance for each of the following accounts as of December 31, 2021

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