Following are the individual financial statements for Gibson and Davis for the year ending December $31,2024$:

Account Gibson Davis

Sales $ $(775,000)$ $ $(364,000)$

Cost of goods sold $376,000146,000$

Operating expenses $258,00070,000$

Dividend income $(24,000)0$

Net income $ $(165,000)$ $ $(148,000)$

Retained earnings, $1/1/24$ $ $(729,000)$ $ $(492,000)$

Net income $(165,000)(148,000)$

Dividends declared $80,00040,000$

Retained earnings, $12/31/24$ $ $(814,000)$ $ $(600,000)$

Cash and receivables $ $121,800$ $ $129,000$

Inventory $552,000216,000$

Investment in Davis $604,2000$

Buildings $($net$)585,000693,000$

Equipment $($net$)424,000455,000$

Total assets $ $2,287,000$ $ $1,493,000$

Liabilities $ $(843,000)$ $ $(553,000)$

Common stock $(630,000)(340,000)$

Retained earnings, $12/31/24(814,000)(600,000)$

Total liabilities and stockholders' equity $ $(2,287,000)$ $ $(1,493,000)$

Gibson acquired $60$ percent of Davis on April $1,2024,$ for $$604,200.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$81,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$402,800.$ Davis earned income evenly during the year but declared the $$40,000$ dividend on November $1,2024.$

Required:

Prepare a consolidated income statement for the year ending December $31,2024.$

Determine the consolidated balance for each of the following accounts as of December $31,2024$:

Goodwill

Equipment $($net$)$

Common stock

Buildings $($net$)$

Dividends declared