Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ Davis (489,588) 225,000 88,500 $ $ Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Connon stock Retained earnings, 12/31/21 Total liabilities and stockholders' equity Gibson $ (772,eee) 317, eee 231, eee (18,eee) $ (242,680) $ (728,880) (242,eee) 50, eee $ (920,000) $ 284,800 551,eee 622,200 591, eee 462,600 $ 2,431,eee $ (881,eee) (638,000) (920, eee) $ (2,431,000) (184,880) (494,eee) (184,288) 30,000 (568,000) 216,000 198,eee $ $ 617,eee 439, eee $ 1,470,eee $ (562,eee) (348,eee) (568,888) $ (1,478,000) Gibson acquired 60 percent of Davis on April 1, 2021, for $622,200. On that date, equipment owned by Davis (with a five-year remaining life was overvalued by $48.000. Also on that date the fair value of the 40 percent noncontrolling Interest was $414,800. Davis eamed Income evenly during the year but declared the $40.000 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 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated income statement for the year ending December 31, 2021. (Enter all amounts as positive values.) Consolidated Income Statement For the Year Ending December 31, 2021 Complete this question by entering your answers in the tabs below. Required A Required 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