Following are the individual financial statements for Gibson and Davis for the year ending December $31,2021$:

Gibson acquired $60$ percent of Davis on April $1,2021,$ for $$619,500.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$78,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$413,000.$ Davis earned income evenly during the year but declared the $$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 $31,2021$:

Following are the individual financial statements for Gibson and Davis for the year ending December $31,2021$:

Gibson acquired $60$ percent of Davis on April $1,2021,$ for $$619,500.$ On that date, equipment owned by Davis $($with a five$-$yzar remaining life$)$ was overvalued by $$78,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$413,000.$ Davis earned income evenly during the year but declared the $$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 $31,2021$:

SUIU$$IYo JICY

Dividends declared

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Prepare a consolidated income statement for the year ending December $31,2021.($Enter all amounts as posi

$\backslash$table$[[$Consolidated Income Statement$],[$Revenues$,,,$$$1,131,375$