Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015:
Gibson acquired 60 percent of Davis on April 1, 2015, for $528,000. On that date, equipment owned by Davis (with a 5-year remaining life) was overvalued by $30,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $352,000. 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.
b. Determine the consolidated balance for each of the following accounts as of December 31, 2015:
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