Please make sure to answer both parts, thank you!

Following are the individual financial statements for Gibson and Davis for the year ending December $31,2024$:

Account Gibson Davis

Sales $ $(594,000)$ $ $(498,000)$

Cost of goods sold $307,000231,000$

Operating expenses $143,00073,000$

Dividend income $(18,000)0$

Net income $ $(162,000)$ $ $(194,000)$

Retained earnings, $1/1/24$ $ $(784,000)$ $ $(489,000)$

Net income $(162,000)(194,000)$

Dividends declared $80,00030,000$

Retained earnings, $12/31/24$ $ $(866,000)$ $ $(653,000)$

Cash and receivables $ $145,100$ $ $157,000$

Inventory $576,000241,000$

Investment in Davis $600,9000$

Buildings $($net$)611,000606,000$

Equipment $($net$)438,000481,000$

Total assets $ $2,371,000$ $ $1,485,000$

Liabilities $ $(875,000)$ $ $(492,000)$

Common stock $(630,000)(340,000)$

Retained earnings, $12/31/24(866,000)(653,000)$

Total liabilities and stockholders' equity $ $(2,371,000)$ $ $(1,485,000)$

Gibson acquired $60$ percent of Davis on April $1,2024,$ for $$600,900.$ On that date, equipment owned by Davis $($with a five$-$year remaining life$)$ was overvalued by $$69,000.$ Also on that date, the fair value of the $40$ percent noncontrolling interest was $$400,600.$ Davis earned income evenly during the year but declared the $$30,000$ dividend on November $1,2024.$

Required:

Prepare a consolidated income statement for the year ending December $31,2024.$

Determine the consolidated balance for each of the following accounts as of December $31,2024$:

Goodwill

Equipment $($net$)$

Common stock

Buildings $($net$)$

Dividends declared