Document1- Word (Product Activation Failed) FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Sign in Navigation Search document HEADINGS PAGES RESULTS The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2015, follow. Gibson acquired a 60 percent interest in Keller on January 1, 2014, in exchange for various considerations totalling $810,000. At the acquisition date, the fair value of the non-controlling interest was $540,000 and Keller's book value was $1,080,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $270,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $85,000 on January 2, 2014, for $180,000 Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2014, it shipped inventory costing $208,000 to Gibson at a price of $320,000. During 2015, intra-entity shipments totalled $370,000, although the original cost to Keller was only $222,000. In each of these years, 20 percent of the merchandise was not resold to outside parties until the period following the transfer. Gibson owes Keller $45,000 at the end of 2015. Create an interactive outline of your document. It's a great way to keep track of where you are or quickly move your content around To get started, go to the Home tab and apply Heading styles to the headings in your document. PAGE 1 OF 4 181 WORDS LENGLISH (INDIA) + 100% ENG 01:37 PM 04/02/2016 Search the web and Windows