The individual financial statements for Gibson Company and Keller Company for the year ending December 31.2021. follow. Gibson acquired a 60 percent interest in Keller on January I. 2020. in exchange for various considerations totaling $480,000. At the acquisition date. the fair value of the noncontrolling interest was $320,000 and Keller s book value was $630,000, Keller had developed internally a Customer list that was not recorded on its books but had an acquisition-date fair value of $170,000. This iS being amortized Over 20 years. Gibson uses the partial equity method to account its investment in Keller. Gibson sold Keller land With a 500k value Of $80,000 on January 2, 2020, for $160,000. Keller Still holds this land at the end Current year. Keller regularly transfers inventory to Gibson. In 2020. it shipped inventory costing SIS4000 to Gibson at a price of "20.000. During 2021. intraentity shipments totaled $270,000. although the original cost to Keller was only S17S.SOO. In each of tese years. 20 percent of the merchandise was not resold to outside parties until the period follmving the transfer. Gibson owes Keller $40,000 at the (Sie,eoe) 57e,eae 37e,eae 69, eoe 17e,eae (655,eae) (214,eae) (14e,eae) 150. eoe eoe (735,eae) 176, 37e,eae 4M , eae 39. , eoe 46e,eae 819, eae lee, eoe 46e , eoe sey ege 3' eoe end of 2021. Cost of goods sold Operating expenses Equity in earnings Of Net income , 1/1/21 Retained earnings Net (above) Dividends declared Retained earnings, 12/31/21 Gibson any Keller Company (214, eae) eat' s(l, 186, eae) $11, 2se,eae) Cash Accounts receivable 1 nventory in Keller Buildings and equigment Totat assets (net)