Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: $ $ Sales Cost of goods sold Operating expenses Dividend income Davis (421, 000) 181,000 82,000 $ Net income $ 3 $ $ Gibson (749,000) 363,000 240,000 (24,000) (170,000) (751,000) 10,000) 60,000 (861, 000) 287,300 562,000 569, 700 526 998 403, Bee 2,348,888 (857,000) (638,990) (861,980) (158,000) (404,000) (158,000) 40,000 (522,990) 92,900 183,000 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 688,000 454,000 1,417,999 (555,000) (340,900) (522,289) 5 Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and stockholders' equity $ (2, 348,000) s (1,417,290) Gibson acquired 60 percent of Davis on April 1, 2021, for $569,700. On that date, equipment owned by Davis (with a five-year remalning life) was overvalued by $63,000. Also on that date, the fair value of the 40 percent noncontrolling Interest was $379,800 Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2021. 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 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