Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: Gibson Davis Sales Cost of goods sold Operating expenses Dividend income Net income Net income (739,000) $ (442,500) 320,000 189,000 253,000 (18,000) 69,500 $ (184,000) $ (184,000) Retained earnings, 1/1/21 (737,000) $ (401,000) (184,000) (184,000) Dividends declared 70,000 30,000 Retained earnings, 12/31/21 $ (851,000) $ (555,000) Cash and receivables 256,600 $ 146,000 Inventory 526,000 217,000 Investment in Davis 548,400 Buildings (net) Equipment (net) Total assets Liabilities Common stock 554,000 627,000 405,000 453,000 $ 2,290,000 $ 1,443,000 (809,000) $ (548,000) (630,000) (340,000) Retained earnings, 12/31/21 (851,000) (555,000) Total liabilities and stockholders' equity $ (2,290,000) $ (1,443,000) Gibson acquired 60 percent of Davis on April 1, 2021, for $548,400. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $45,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $365,600. Davis earned income evenly during the year but declared the $30,000 dividend on November 1, 2021. a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accounts as of December 31, 2021: Goodwill Equipment (net) Common stock Buildings (net) Dividends declared