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, 2024: Account Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/24 Total liabilities and stockholders' equity Gibson $ (742,000) 327,000 247,000 (12,000) $ (180,000) $ (798,000) (180,000) 78,000 $ (988,000) $ 211,958 545,000 622,050 617,000 482,000 $ 2,398,000 $ (860,000) (630,000) (988,000) $ (2,398,000) Davis $ (499,000) 236,000 64,080 $ (199,000) $ (481,808) (199,808) 20,000 $ (660,000) $ 85,000 276,000 8 679,000 486,000 $ 1,526,000 $ (526,000) (348,000) (668,000) $ (1,526,000) Gibson acquired 60 percent of Davis on April 1, 2024, for $622,050. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $54,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $414,700. Davis earned income evenly during the year but declared the $20,000 dividend on November 1, 2024. Required: a. Prepare a consolidated income statement for the year ending December 31, 2024. b. Determine the consolidated balance for each of the following accounts as of December 31, 2024: 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, 2024. Note: Enter all amounts as positive values. Consolidated Income Statement For the Year Ending December 31, 2024 < Required A Required B > Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024: Account Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/24 Total liabilities and stockholders' equity Gibson $ (742,000) 327,000 247,000 (12,000) $ (180,000) $ (798,000) (180,000) 78,000 $ (988,000) $ 211,958 545,000 622,050 617,000 482,000 $ 2,398,000 $ (860,000) (630,000) (988,000) $ (2,398,000) Davis $ (499,000) 236,000 64,080 $ (199,000) $ (481,808) (199,808) 20,000 $ (660,000) $ 85,000 276,000 8 679,000 486,000 $ 1,526,000 $ (526,000) (348,000) (668,000) $ (1,526,000) Gibson acquired 60 percent of Davis on April 1, 2024, for $622,050. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $54,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $414,700. Davis earned income evenly during the year but declared the $20,000 dividend on November 1, 2024. Required: a. Prepare a consolidated income statement for the year ending December 31, 2024. b. Determine the consolidated balance for each of the following accounts as of December 31, 2024: 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, 2024. Note: Enter all amounts as positive values. Consolidated Income Statement For the Year Ending December 31, 2024 < Required A Required B >