Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018 Gibson Sales Cost of goods sold Davis S (796,000) (445,000) 387,000 208.000 217,000 85,000 Dividend income Net income $ (219,000) (163,000) Retained earmings, 1/1/18 Net income Dividends declared $ (772,000) (458,000) (219,000) (163,000) 30,000 Retained earnings, 12/31/18 Cash and receivables Inventory S (921,000) (591,000) S 169,150 $ 143,000 208,000 650,000 S 2,368,000 S 1,436,000 560,000 572,850 610,000 456,000435.000 Investment in Davis Buildings (net) Equipment (net) Total assets (817,000) (630,000) (340.000) Common stock Retained earnings, 12/31/18 Total liabilities and stockholders equity s (2,368,000) (1,436,000) Gibson acquired 60 percent of Davis on April 1,2018, for $572850. On that date, equipment owned by Davis (with a five-year remaining of the 40 percent noncontrolling interest was $381,900. Davis earned ife) was overvalued by $7,000. Also on that datetheair value income evenly during the year but declared the $40,000 dividend on November 1, 2018 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