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

Account Gibson Davis

Sales $ $(821,000)$ $ $(422,000)$

Cost of goods sold $382,000211,000$

Operating expenses $262,00066,000$

Dividend income $(24,000)0$

Net income $ $(201,000)$ $ $(145,000)$

Retained earnings, $1/1/24$ $ $(774,000)$ $ $(485,000)$

Net income $(201,000)(145,000)$

Dividends declared $50,00040,000$

Retained earnings, $12/31/24$ $ $(925,000)$ $ $(590,000)$

Cash and receivables $ $258,650$ $ $171,000$

Inventory $540,000235,000$

Investment in Davis $595,3500$

Buildings $($net$)547,000661,000$

Equipment $($net$)444,000432,000$

Total assets $ $2,385,000$ $ $1,499,000$

Liabilities $ $(830,000)$ $ $(569,000)$

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

Retained earnings, $12/31/24(925,000)(590,000)$

Total liabilities and stockholders' equity $ $(2,385,000)$ $ $(1,499,000)$

Gibson acquired $60$ percent of Davis on April $1,2024,$ for $$595,350.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$39,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$396,900.$ Davis earned income evenly during the year but declared the $$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