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

 

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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021 Davia Bales Cont of goode old * 398, 000) 177,00 61, D00 * (566, 000) 300,000 181, 000 118,000) s(195, D0) * (760,000) (195, 000) 70,00 Operating epenans Dividend ineome Net inoome (160, 000) Retained earnings, 1/1/21 (415,000) Net incone (160, 000) Dividendu deelared 30.000 Retained earnings, 12/31/21 S 8S, D00) 306,200 (545,000) Cash and zeceivables Inventory Invaataant in Davie S12, 000 113,000 Buildinga (net) Bquipment (net) Total seeeta 545. 000 455,000 S1,402, 000 * (87, 000 632, 000 496,000 1, 39,000 S (504,000) Liabilitien Cunmon atock (340, 000) (545,000 (430, D00) Retained earninge. 12/31/21 Total liabilities and utockholders equity (885,000) (2, 402, 000) (1, 389,000) Gibson acquired 60 percent of Davis on April 1, 2021. for $583,800. On that date, equipment owned by Davis (with a five-year remaining lifej was overvalued by $60.000. Also on that date, the fair value of the 40 percent noncontrolling interest was $389,200. Davis earned income ovenly during the year but declared the $40.000 dividend on November 1, 2021 a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the folowing accounts as of December 31, 2021: Goodwit Equipment (net) Common stock Buildings (net a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accounts as of December 31, 2021: 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, 2021. (Enter all amounts as positive values.) Consolidatad Income Statement For the Year Ending December 31, 2021 Revenues Coat of goods sold Operating expenses Consolidated net income Required B> Gibson acquired 60 percent of Davis on April 1, 2021, for $583.800. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $60.000. Also on that date, the fair value of the 40 percent noncontrolling interest wss $389,200. Davis earned income evenly during the year but deciared the $40.000 dividend on November 1, 2021 a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accourts as of December 31. 2021: Goodwill Equipment (net) Common stock Buldings (net Dividends declared Complete this question by entering your answers in the tabs below. Requred A Required 8 Determine the consolidated balance for each of the folowing accounts as of December 31, 2021: Goodwill Equipment inel) Common stock Buldinga nel) 78.800 630,000 Oividends dectared < Required A g Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021 Davia Bales Cont of goode old * 398, 000) 177,00 61, D00 * (566, 000) 300,000 181, 000 118,000) s(195, D0) * (760,000) (195, 000) 70,00 Operating epenans Dividend ineome Net inoome (160, 000) Retained earnings, 1/1/21 (415,000) Net incone (160, 000) Dividendu deelared 30.000 Retained earnings, 12/31/21 S 8S, D00) 306,200 (545,000) Cash and zeceivables Inventory Invaataant in Davie S12, 000 113,000 Buildinga (net) Bquipment (net) Total seeeta 545. 000 455,000 S1,402, 000 * (87, 000 632, 000 496,000 1, 39,000 S (504,000) Liabilitien Cunmon atock (340, 000) (545,000 (430, D00) Retained earninge. 12/31/21 Total liabilities and utockholders equity (885,000) (2, 402, 000) (1, 389,000) Gibson acquired 60 percent of Davis on April 1, 2021. for $583,800. On that date, equipment owned by Davis (with a five-year remaining lifej was overvalued by $60.000. Also on that date, the fair value of the 40 percent noncontrolling interest was $389,200. Davis earned income ovenly during the year but declared the $40.000 dividend on November 1, 2021 a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the folowing accounts as of December 31, 2021: Goodwit Equipment (net) Common stock Buildings (net a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accounts as of December 31, 2021: 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, 2021. (Enter all amounts as positive values.) Consolidatad Income Statement For the Year Ending December 31, 2021 Revenues Coat of goods sold Operating expenses Consolidated net income Required B> Gibson acquired 60 percent of Davis on April 1, 2021, for $583.800. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $60.000. Also on that date, the fair value of the 40 percent noncontrolling interest wss $389,200. Davis earned income evenly during the year but deciared the $40.000 dividend on November 1, 2021 a. Prepare a consolidated income statement for the year ending December 31, 2021. b. Determine the consolidated balance for each of the following accourts as of December 31. 2021: Goodwill Equipment (net) Common stock Buldings (net Dividends declared Complete this question by entering your answers in the tabs below. Requred A Required 8 Determine the consolidated balance for each of the folowing accounts as of December 31, 2021: Goodwill Equipment inel) Common stock Buldinga nel) 78.800 630,000 Oividends dectared < Required A g

Answer rating: 100% (QA)

Part A Consolidated income statement Revenues 7310004440004440004 1064000 Cost of goods sold 3340001... View the full answer