Following are the individual financial statements for Gibson and Davis for the year ending Gibson Davis Sales Cost of goods sold Operating expenses Dividend income $ (789.000) 393,000 250,000 (38,000) 100,000 68,000 $ (158,000) (132,000) 5(723,000) (444,000) Net income Retained earnings, 1/1/18 Net income Dividends declared (132.000) 80.000 20,000 $ (801,000) (556,000) (158,000) - Retained earnings, 12/31118 Cash and receivables T -17040 -101,000 121,000 Investment in Davis Buildings (net) Equipment (net 515,000 549,600 557,000 695,000 458.000 490000 $ 2,250,000 $ 1,413,000 Total assets Liabilites Common stock Retained earnings, 12/31/18 0110 517.000) (630,000) (340,000) (801.000) (556 000) $ (2,250,000) (1,413,000) Total liabilties and stockholders' equity Gibson acquired 60 percent of Davis on April 1, 2018, for $549,600. On that date, life) was overvalued by $86,000. Also on that date, the fair value of the 40 percent noncontrolling interest was income evenly during the year but declared the $40,000 dividend on November 1 equipment owned by Davis (with a five-year remainin 66,400. Davis earned a. Prepare a consolidated income statement for the year ending December 31, 2018 b. Determine the consolidated balance for each of the following accounts as of December 31, 2018 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, 2018. (Enter all amounts as positive values.) For the Year Ending December 31, 2018