Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021:

	Gibson				Davis
Sales	$	(758,000	)		$	(381,500	)
Cost of goods sold		372,000				148,000
Operating expenses		252,000				63,500
Dividend income		(18,000	)			0
Net income	$	(152,000	)		$	(170,000	)
Retained earnings, 1/1/21	$	(708,000	)		$	(447,000	)
Net income		(152,000	)			(170,000	)
Dividends declared		80,000				30,000
Retained earnings, 12/31/21	$	(780,000	)		$	(587,000	)
Cash and receivables	$	42,300			$	70,000
Inventory		568,000				225,000
Investment in Davis		566,700				0
Buildings (net)		596,000				690,000
Equipment (net)		483,000				456,000
Total assets	$	2,256,000			$	1,441,000
Liabilities	$	(846,000	)		$	(514,000	)
Common stock		(630,000	)			(340,000	)
Retained earnings, 12/31/21		(780,000	)			(587,000	)
Total liabilities and stockholders' equity	$	(2,256,000	)		$	(1,441,000	)

Gibson acquired 60 percent of Davis on April 1, 2021, for $566,700. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $45,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $377,800. Davis earned income evenly during the year but declared the $30,000 dividend on November 1, 2021.

Prepare a consolidated income statement for the year ending December 31, 2021.

Determine the consolidated balance for each of the following accounts as of December 31, 2021:

• Goodwill
• Equipment (net)
• Common stock
• Buildings (net)
• Dividends declared