Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015:

		Gibson			Davis
Sales	$	(749,000	)	$	(421,000	)
Cost of goods sold		363,000			181,000
Operating expenses		240,000			82,000
Dividend income		(24,000	)		0
Net income	$	(170,000	)	$	(158,000	)
Retained earnings, 1/1/15	$	(751,000	)	$	(404,000	)
Net income		(170,000	)		(158,000	)
Dividends declared		60,000			40,000
Retained earnings, 12/31/15	$	(861,000	)	$	(522,000	)
Cash and receivables	$	287,300		$	92,000
Inventory		562,000			183,000
Investment in Davis		569,700			0
Buildings (net)		526,000			688,000
Equipment (net)		403,000			454,000
Total assets	$	2,348,000		$	1,417,000
Liabilities	$	(857,000	)	$	(555,000	)
Common stock		(630,000	)		(340,000	)
Retained earnings, 12/31/15		(861,000	)		(522,000	)
Total liabilities and stockholders equity	$	(2,348,000	)	$	(1,417,000	)

Gibson acquired 60 percent of Davis on April 1, 2015, for $569,700. On that date, equipment owned by Davis (with a five-year remaining 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, 2015.

a.	Prepare a consolidated income statement for the year ending December 31, 2015. (Enter all amounts as positive values.)

b.	Determine the consolidated balance for each of the following accounts as of December 31, 2015.