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Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015:

		Gibson			Davis
Sales	$	(666,000	)	$	(398,000	)
Cost of goods sold		308,000			177,000
Operating expenses		181,000			61,000
Dividend income		(18,000	)		0
Net income	$	(195,000	)	$	(160,000	)
Retained earnings, 1/1/15	$	(760,000	)	$	(415,000	)
Net income		(195,000	)		(160,000	)
Dividends declared		70,000			30,000
Retained earnings, 12/31/15	$	(885,000	)	$	(545,000	)
Cash and receivables	$	306,200		$	148,000
Inventory		512,000			113,000
Investment in Davis		583,800			0
Buildings (net)		545,000			632,000
Equipment (net)		455,000			496,000
Total assets	$	2,402,000		$	1,389,000
Liabilities	$	(887,000	)	$	(504,000	)
Common stock		(630,000	)		(340,000	)
Retained earnings, 12/31/15		(885,000	)		(545,000	)
Total liabilities and stockholders equity	$	(2,402,000	)	$	(1,389,000	)
Gibson acquired 60 percent of Davis on April 1, 2015, 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 was $389,200. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2015. a. Prepare a consolidated income statement for the year ending December 31, 2015. (Enter all amounts as positive values.) Consolidated Income Statement Year ending 12/31/16 Revenue ??? COGS ??? Operating Exp ??? Consolidate NI ??? Non controlling interest in CNI ??? Controlling Interest in CNI ??? b. Determine the consolidated balance for each of the following accounts as of December 31, 2015. Goodwill ??? Equiptment-net ??? Common Stock Building-net ??? Dividends declared ???

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