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ssignments Following are the individual financial statements for Gibson and Davis for the year ending...

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Accounting

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ssignments Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018 Gibson (789,000) $ (380, 000) Davis Sales Cost of goods sold Operating expenses Dividend income 393,000 250,000 (12,000) 180,000 68,000 Net income (158,000) (132, 000) Retained earnings, 1/1/18 Net income Dividends declared (723,000) (158, 000) 80,000 (444, 000) (132, 000) 20,000 Retained earnings, s (801, 000) (556,000) 12/31/18 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) 515,000 549,600 557,000 458,000 121,000 695,000 490, 000 1,413,000 Total assets Liabilities Common stock Retained earnings, 12/31/18 s 2,250,000 $ (819,000) (517,000) (630,000) (340,000) (801,000) (556,000) Total liabilities and stockholders' equity (2,250,000) (1, 413,0001) acquired 60 percent of Davis on April 1, 2018, for $549,600. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $66,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $366,400 avis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018 1 of 1 Next

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