Following are the individual financial statements for Gibson and Davis for the year ending December $31,2024$:

Account Gibson Davis

Sales $ $(731,000)$ $ $(444,000)$

Cost of goods sold $334,000197,000$

Operating expenses $256,00067,000$

Dividend income $(12,000)0$

Net income $ $(153,000)$ $ $(180,000)$

Retained earnings, $1/1/24$ $ $(711,000)$ $ $(487,000)$

Net income $(153,000)(180,000)$

Dividends declared $60,00020,000$

Retained earnings, $12/31/24$ $ $(804,000)$ $ $(647,000)$

Cash and receivables $ $120,000$ $ $230,000$

Inventory $521,000251,000$

Investment in Davis $603,0000$

Buildings $($net$)590,000614,000$

Equipment $($net$)410,000444,000$

Total assets $ $2,244,000$ $ $1,539,000$

Liabilities $ $(810,000)$ $ $(552,000)$

Common stock $(630,000)(340,000)$

Retained earnings, $12/31/24(804,000)(647,000)$

Total liabilities and stockholders' equity $ $(2,244,000)$ $ $(1,539,000)$

Gibson acquired $60$ percent of Davis on April $1,2024,$ for $$603,000.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$39,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$402,000.$ Davis earned income evenly during the year but declared the $$20,000$ dividend on November $1,2024.$

Required:

Prepare a consolidated income statement for the year ending December $31,2024.$

Determine the consolidated balance for each of the following accounts as of December $31,2024$:

Goodwill

Equipment $($net$)$

Common stock

Buildings $($net$)$

Dividends declared