Help Save & Exit Submit Check my work 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 1, 2020, in exchange for various considerations totaling $690,000. At the acquisition date, the fair value of the noncontrolling interest was $460,000 and Keller's book value was $920,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition date fair value of $230,000. This intangible asset is being amortized over 20 years. Gibson uses the partial equlty method to account for its investment in Keller Gibson sold Keller land with a book value of $65,000 on January 2, 2020, for $140,000. Keller still holds this land at the end of the current year Keller regularly transfers Inventory to Gibson. In 2020, it shipped iniltintory costing $196,000 to Gibson at a price of $280,000. During 2021, intro-entity shipments totaled $330,000, although the original cost to Keller was only $214,500. 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 $70,000 at the end of 2021 Sales Cost of goods sold Operating expenses Equity in earnings of Keller Net income Retained earnings, 1/1/21 Net Income (above) Dividends declared Retained earnings, 12/31/21 Cash Accounts receivable Inventory Investment in Keller Gibson Company S (930,000) 630,000 120,000 (66.000) $ (246,000) $41, 246,000) (246,000) 135,000 $(1,357,000) $ 182,000 382,000 520,000 918,000 Kellex Company $ (630,000) 430,000 90,000 D $ (110,000) $ (685,000) (110,000) 35,000 $ (760,000) $ 90,000 560,000 450,000 5 of 5 Complete this question by entering your answers in the tabs below. Check my work Required A Required B How would the consolidation entries in requirement (a) have differed if Gibson had sold a building on January 2, 2020, with a $125,000 book value (cost of $270,000) to Keller for $230,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. (Do not round Intermediate calculations. If no entry is required for a transaction/event, led "No journal entry required" in the first account field.) Show less view transaction list Consolidation Worksheet Entries