Question: hi can you please help me get to this answer, thank you Following are the individual financial statements for Gibson and Davis for the year


hi can you please help me get to this answer, thank you



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) 0 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.) _ _ _ _ Goodwill Equipment (net) Common stock Buildings (net) Dividends declared Complete this question by entering your answers in the tabs below. 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
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