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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ Davis (421,000) 181,000 82,000 $ $ Gibson
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ Davis (421,000) 181,000 82,000 $ $ Gibson $ (749,000) 363,000 240,000 (24,000 $ (170,000) $ (751,000) (170,000) 60,000 $ (861,000) $ 287,300 562,00 569,700 526,000 403,000 $ 2,348,000 $ (857,600) (630,000) (861,080 $ (2,348,000) 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 Llabilities Common stock Retained earnings, 12/31/21 Total liabilities and stockholders' equity (158,000) (404,080) (158,000) 40,000 (522,000) 92,000 183,000 $ $ 688, see 454,000 $ 1,417,000 $ (555,000) (340,000) (522.000 $ (1,417,000) Gibson acquired 60 percent of Davis on April 1, 2021. for $569,700. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $63.000. Also on that date, the fair value of the 40 percent noncontrolling interest was $379,800 Davis earned 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. Next 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 ar Consolidated Income Statement For the Year Ending December 31, 2021 0 0 0 Required B > Goodwill Equipment (net) Common stock Buildings (net) Dividends declared 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
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