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

Account Gibson Davis

Sales $ $(741,000)$ $ $(447,000)$

Cost of goods sold $333,000196,000$

Operating expenses $175,00062,000$

Dividend income $(12,000)0$

Net income $ $(245,000)$ $ $(189,000)$

Retained earnings, $1/1/24$ $ $(799,000)$ $ $(427,000)$

Net income $(245,000)(189,000)$

Dividends declared $50,00020,000$

Retained earnings, $12/31/24$ $ $(994,000)$ $ $(596,000)$

Cash and receivables $ $392,050$ $ $198,000$

Inventory $543,000211,000$

Investment in Davis $556,9500$

Buildings $($net$)549,000629,000$

Equipment $($net$)412,000451,000$

Total assets $ $2,453,000$ $ $1,489,000$

Liabilities $ $(829,000)$ $ $(553,000)$

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

Retained earnings, $12/31/24(994,000)(596,000)$

Total liabilities and stockholders' equity $ $(2,453,000)$ $ $(1,489,000)$

Gibson acquired $60$ percent of Davis on April $1,2024,$ for $$556,950.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$42,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$371,300.$ Davis earned income evenly during the year but declared the $$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