Help Savs Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018 Gibson Sales cost of goods sold $ (741,000)(447,000) 196,000 62,000 333, 000 175,000 (12,000) Operating expenses Dividend income (245, 000) (189,000) Retained earnings, 1/1/18 $(799,000)$ (427,000) Net income Dividends declared (245,000)189,000) 2 20,000 $(994, 000) (596,000) 211,000 Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) S-39- 198-00- 543,000 556,950 549,000 412,000 629,000 451,000 1,489,000 S 2,453,000 S (829,000) (553,000) Total assets Liabilities Common stock Retained earnings, 12/31/18 (630,000)(340,000) (994,000)(596,000) Total liabilities and stockho olders' equity(2,453,000) $ (1,489, 000) Gibson acquired 60 percent of Davis on April 1, 2018, for $556,950. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $42,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $371,300 Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018