Check my work The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018 acquired a 60 percent interest in Keller on January 1, 2017, in exchange for various considerations totaling $750,000. At the acqu isition ,000. Keller had developed date, the fair value of the noncontrolling interest was $500,000 and Keller's book value was $1,000 internally a customer list that was not recorded on its books but had an acquisition-date fair value of $250,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $75.000 current year n January 2, 2017, for $160,000. Keller still holds this land at the end of the Keller regularly transfers inventory to Gibson. In 2017,it shipped inventory costing $180,000 to Gibson at a price of $ 2018, intra-entity shipments totaled $350,000, although the original cost to Keller was only $245,000. In each of these years 300,000. During percent of the merchandise was not resold to outside parties until the period following the transfer. Gibson owes Keller $3 end of 2018. Gibson Company Keller ny $ (950,000) (650,000) Sales Cost of goods sold Operating expenses Equity in earnings of Keller 450,000 30,000 650,000 140,000 Net income $ (262,000) (170,000) (1,266,000) (695,000) Retained earnings, 1/1/18 Net income (above) Dividends declared (262,000) 145,000 (1,383,000) 84,000 386,000 540,000 966,000 120,000 511,000 (170,000) Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) 45,000 (820,000) 60,000 560,000 470,000 540,000 450,000 2,707,000 2,080,000 Total assets Pre 9 of 9 Net