Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021 . Gibson acquired 60 percent of Davis on April 1, 2021, for $604,200. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $81,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $402,800 Davis earned income evenly during the year but declared the $40,000 dividend on November 1,2021. a. Prepare a consolidated income statement for the yeat ending December 31,2021 b. Determine the consosdated balance for each of the following accounts as of Decernber 31,2021 Prepare a consolidated income statement for the year ending December 31,2021 . (Enter all amounts as positive values.) etermine the consolidated balance for each of the following accounts as of Decernber 31,2021