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

	Gibson				Davis
Sales	$	(774,000	)		$	(359,000	)
Cost of goods sold		351,000				167,000
Operating expenses		197,000				80,000
Dividend income		(18,000	)			0
Net income	$	(244,000	)		$	(112,000	)
Retained earnings, 1/1/21	$	(746,000	)		$	(416,000	)
Net income		(244,000	)			(112,000	)
Dividends declared		60,000				30,000
Retained earnings, 12/31/21	$	(930,000	)		$	(498,000	)
Cash and receivables	$	314,400			$	80,000
Inventory		505,000				168,000
Investment in Davis		576,600				0
Buildings (net)		551,000				592,000
Equipment (net)		453,000				499,000
Total assets	$	2,400,000			$	1,339,000
Liabilities	$	(840,000	)		$	(501,000	)
Common stock		(630,000	)			(340,000	)
Retained earnings, 12/31/21		(930,000	)			(498,000	)
Total liabilities and stockholders' equity	$	(2,400,000	)		$	(1,339,000	)

Gibson acquired 60 percent of Davis on April 1, 2021, for $576,600. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $33,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $384,400. Davis earned income evenly during the year but declared the $40,000 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

Find the Correct Answer please.

Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the consolidated balance for each of the following accounts as of December 31,2021