Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015:

		Gibson			Davis
Sales	$	(796,000	)	$	(445,000	)
Cost of goods sold		387,000			217,000
Operating expenses		208,000			65,000
Dividend income		(18,000	)		0
Net income	$	(219,000	)	$	(163,000	)
Retained earnings, 1/1/15	$	(772,000	)	$	(458,000	)
Net income		(219,000	)		(163,000	)
Dividends declared		70,000			30,000
Retained earnings, 12/31/15	$	(921,000	)	$	(591,000	)
Cash and receivables	$	169,150		$	143,000
Inventory		560,000			208,000
Investment in Davis		572,850			0
Buildings (net)		610,000			650,000
Equipment (net)		456,000			435,000
Total assets	$	2,368,000		$	1,436,000
Liabilities	$	(817,000	)	$	(505,000	)
Common stock		(630,000	)		(340,000	)
Retained earnings, 12/31/15		(921,000	)		(591,000	)
Total liabilities and stockholders equity	$	(2,368,000	)	$	(1,436,000	)

Gibson acquired 60 percent of Davis on April 1, 2015, for $572,850. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $75,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $381,900. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2015.

a.	Prepare a consolidated income statement for the year ending December 31, 2015.(Enter all amounts as positive values.)