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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018: Gibson Davis Sales $ (718, 000) $ (355 , 000) Cost of goods sold 332, 000 150 , 000 Operating expenses 214, 000 75, 000 Dividend income (24, 000) Net income $ (196 , 000) $ (130 , 000) Retained earnings, 1/1/18 $ (705 , 000) $ (410 , 000) Net income (196, 000) (130, 000) Dividends declared 60 , 000 40 , 000 Retained earnings, 12/31/18 $ (841, 000) $ (500 , 000) Cash and receivables $ 228, 500 $ 133, 000 Inventory 504 , 000 137 ,000 Investment in Davis 511 , 500 Buildings (net) 538 , 000 610, 000 Equipment (net) 494 , 000 494, 000 Total assets $ 2,276, 000 $ 1, 374, 000 Liabilities $ (805 , 000) $ (534, 000) Common stock (630 , 000) (340, 000) Retained earnings, 12/31/18 (841 , 000) (500 , 000) Total liabilities and stockholders' equity $ (2, 276, 000) $ (1, 374, 000) Gibson acquired 60 percent of Davis on April 1, 2018, for $511,500. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $75,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $341,000. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018. a. Prepare a consolidated income statement for the year ending December 31, 2018. b. Determine the consolidated balance for each of the following accounts as of December 31, 2018:Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated income statement for the year ending December 31, 2018. (Enter all amounts as positive values.) $ 984,250 Costofgoods sold $ 444,500 _ _ Required A Required B Determine the consolidated balance for each of the following accounts as of December 31, 2018: Goodwill Equipment (net) Common stock Buildings (net) Dividends declared