Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018: Gibson Sales Cost of goods sold operating expenses Dividend income $(741,000) $ (447,000) 333,000 175,000 (12,000) 196,000 62,000 $ (245,000) (189,000) $(799,000) (427,000) (189,000) 20,000 $(994,000) $(596,000) Net income Retained earnings, 1/1/18 Net income Dividends declared (245,000) 50,000 Retained earnings, 12/31/18 Cash and receivablers Inventory Investment in Davis Buildings (net) Equipment (net) 392,050298,000 543,000 556,950 549,000 412,000 211,000 629,000 451,000 $ 2,453,000 1,489,000 Total assets Liabilities Common stock Retained earnings, 12/31/18 $ (829,000) (553,000) (630,000) (994,000) (340,000) 596,000) $ (1,489,000) Total liabilities and $ (2,453,000) stockholders' equity Gibson acquired 60 percent of Davis on April 1, 2018, for $556,950. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $42,000. Also on that date. the fair value of Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018. the 40 percent noncontrolling interest was $371,300. Prepare a consolidated income statement for the year ending December 31, 2018. Determine the consolidated balance for each of the following accounts as of December 31, 2018: a. b. Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Complete this question by entering your answers in the tabs below. Required A Required 8 Prepare a consolidated income statement for the year ending December 31, 2018. (Enter all amounts as positive values.) Consolidated Income Statement For the Year Ending December 31, 2018 Required B Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Complete this question by entering your answers in the tabs below. Required ARequired B Determine the consolidated balance for each of the following accounts as of December 31, 2018 ent (net) Buildings (net) K Required A