Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024: Account Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/24 Total liabilities and stockholders' equity Gibson $ (742,000) 327,000 247,000 (12,000) $ (180,000) (798,000) (180,000) 70,000 $ (988,000) $211,950 545,000 622,050 617,000 402,000 $ 2,398,000 $ (868,000) (630,000) (988,000) $ (2,398,000) Davis $ (499,000) 236,000 64,000 $ (199,000) $ (481,000) (199,808) 20,000 $ (660,000) $ 85,000 276,000 B 679,000 486,000 $ 1,526,000 $ (526,000) (340,000) (668,808) $ (1,526,000) Gibson acquired 60 percent of Devis on April 1, 2024, for $622,050. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $54,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $414,700. Davis earned income evenly during the year but declared the $20,000 dividend on November 1, 2024. Required: a. Prepare a consolidated income statement for the year ending December 31, 2024. b. Determine the consolidated balance for each of the following accounts as of December 31, 2024: Goodwill Equipment (net) Common stock Buildings (net) Dividends declared