Check my work The individual financial statements for Gibson acquired a 60 percent interest in Keller on January 1, 2017, in exchange for various considerations totaling $ Company and Keller Company for the year ending December 31, 2018, follow. Gibson 750,000. At the acquisition date, the fair value of the noncontrolling internally a customer list that was not recorded on its books b being amortized over 20 years. interest was $500,000 and Keller's book value was $1,000,000. Keller had developed ut had an acquisition-date fair value of $250,000. This intangible asset is e of $75,000 on January 2,2017, for $160,000. Keller still holds this land at the end of the Gibson sold Keller land with a book valu current year. Keller regulartly transfers inventory to Gibson. 2018, intra-entity shipments totaled $350,000, although the original cost to Keller was only $245,000. In each of In 2017, it shipped inventory costing $180,000 to Gibson at a price of $300,000. During 35,000 at the these years, 20 percent of the merchandise was not resold to outside parties until the period following the transfer. Gibson owes Keller $ end of 2018. Gibson Company Kelle Company Sales Cost of goods sold Operating expenses Equity in earnings of Keller $ (950,000) (650, 000) 450,000 30,000 650,000 140,000 (102,000) Net income $ (262,000) (170,000) Retained earnings, 1/1/18 Net income (above) Dividends declared s (1,266,000) (695,000) (262,000) 145,000 (170,000 45,000 (1,383,000) $ 184,000 (820,000) Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land bulialage and equipment (aet) 60,000 560,000 470,000 386,000 540,000 966,000 120,000 511,000 540,000 450,000 K Prex 9 of 9 Next>