Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ Davis (442,500) 189, cee 69,500 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 $ (739,880) 320,000 253,000 (18,880) $ (184,880 $ (737,689) (184,000) 70,000 $ (851,000) $ 256,600 526,080 548,482 554,888 485,000 $ 2,299,000 $ (889,000) (630,880) (851,089) $ (2,298,882) $ (184, eee) $ (401,080) (184,880) 30.000 $ (555, eee) $ 146.680 217,880 @ 627,680 453,880 $ 1,443,880 $ (548, eee) (340, Bee) (555,00) $ (1,443,880) Gibson acquired 60 percent of Davis on April 1, 2021, for $548,400. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $45,000. Also on that date, the fair value of the 40 percent noncontrolling Interest was $365.600. Davis eamed 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 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 0 0 0 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