Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: Gibson Davis Sales Cost of goods sold $ (738,000) $ (470,500) 345,000 229,000 Operating expenses 200,000 66,500 Dividend income (18,000) 0 Net income $ (211,000) $ (175,000) Retained earnings, 1/1/21 (779,000) $ (488,000) Net income (211,000) (175,000) Dividends declared 80,000 30,000 Retained earnings, 12/31/21 $ (910,000) $ (633,000) Cash and receivables Inventory 274,150 575,000 $ 135,000 278,000 Investment in Davis 617,850 0 Buildings (net) 532,000 630,000 413,000 426,000 Equipment (net) Total assets Liabilities $ 2,412,000 $ 1,469,000 $ Common stock (872,000) $ (496,000) (630,000) (340,000) Retained earnings, 12/31/21 (910,000) (633,000) Total liabilities and stockholders' equity $ (2,412,000) $ (1,469,000) Gibson acquired 60 percent of Davis on April 1, 2021, for $617,850. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $72,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $411,900. 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 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 0 0 $ 0 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