Following are the individual financial statements for Gibson and Davis for the year...
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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: Gibson acquired 60 percent of Davis on April 1, 2021, for $569,700. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $63,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $379,800. Davis earned income evenly 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 following accounts as of December 31,2021 : Required A Required B Prepare a consolidated income statement for the year ending December 31 , 2021. (Enter all amounts as positive values.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Consolidated Income Statement } \\ For the Year Ending December 31, 2021 & & \\ \hline \hline & & & \\ \hline \hline & & & \\ \hline \end{tabular} Determine the consolidated balance for each of the following accounts as of December 31,2021
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