Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018:

	Gibson				Davis
Sales	$	(821,000	)		$	(422,000	)
Cost of goods sold		382,000				211,000
Operating expenses		262,000				66,000
Dividend income		(24,000	)			0
Net income	$	(201,000	)		$	(145,000	)
Retained earnings, 1/1/18	$	(774,000	)		$	(485,000	)
Net income		(201,000	)			(145,000	)
Dividends declared		50,000				40,000
Retained earnings, 12/31/18	$	(925,000	)		$	(590,000	)
Cash and receivables	$	258,650			$	171,000
Inventory		540,000				235,000
Investment in Davis		595,350				0
Buildings (net)		547,000				661,000
Equipment (net)		444,000				432,000
Total assets	$	2,385,000			$	1,499,000
Liabilities	$	(830,000	)		$	(569,000	)
Common stock		(630,000	)			(340,000	)
Retained earnings, 12/31/18		(925,000	)			(590,000	)
Total liabilities and stockholders' equity	$	(2,385,000	)		$	(1,499,000	)

Gibson acquired 60 percent of Davis on April 1, 2018, for $595,350. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $39,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $396,900. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018.

Prepare a consolidated income statement for the year ending December 31, 2018.

Determine the consolidated balance for each of the following accounts as of December 31, 2018:

Goodwill

Equipment (net)

Common stock

Buildings (net)

Dividends declared