Only one question, how do you get Entry C?

Retained earnings 22920

Investment in Keller 22920

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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 $960,000. At the acquisition date, the fair value of the noncontrolling interest was $640,000 and Keller's book value was $1,280,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $320,000. This intangible asset is being amortized over 20 years. Gibson uses the partial equity method to account for its investment in Keller. Gibson sold Keller land with a book value of $65,000 on January 2, 2020, for $150,000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2020, it shipped inventory costing $259,000 to Gibson at a price of $370,000. During 2021, intra-entity shipments totaled $420,000, although the original cost to Keller was only $273,000. 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 $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 Land Buildings and equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 Total liabilities and equities Gibson Company $ (1,020,000) 720,000 100,000 (81,000) (281,000) $ (1, 336, 000) (281, 000) 135,000 $ (1,482, 000) 191,000 400,000 610,000 1,047,000 190,000 518,000 $ 2,956, 000 $ (664, 000) (810, 000) 0 (1,482, 000) $ (2,956, 000) Keller Company (720, 000) 520,000 65,000 0 (135, 000) (730, 000) (135, 000) 80,000 $ (785, 000) 80,000 630,000 540,000 0 610,000 520. Ono $ 2,380,000 $ (955, 000) (540,000) (100,000) (785, 000) $ (2, 380, 000) (Note: Parentheses indicate a credit balance.) (Note: Parentheses indicate a credit balance.) ed a. Prepare a worksheet to consolidate the separate 2021 financial statements for Gibson and Keller. b. How would the consolidation entries in requirement (a) have differed if Gibson had sold a building on January 2, 2020, with a $170,000 book value (cost of $360,000) to Keller for $320,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a worksheet to consolidate the separate 2021 financial statements for Gibson and Keller. (Do not round intermediate calculations. For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less Noncontrolling Interest Gibson Accounts Sales Cost of goods sold $(1,020,000) 720,000 GIBSON AND KELLER Consolidation Worksheet Year Ending December 31, 2021 Consolidation Entries Keller Debit Credit $ (720,000) (TI) 420,000 520,000 (G) 29,400 22, 200 (TI) 420,000 65,000 (E) 16,000 0 (I) 81,000 $ (135,000) Consolidated Totals $ (1,320,000) 827, 200 100,000 (81,000) $ (281,000) 181,000 0 Operating expenses Equity in earnings of Keller Separate company net income Consolidated net income To noncontrolling interest To Gibson Company Retained earnings, 1/1/21Gibson (44, 720) (311, 800) 44, 720 (267,080) $ (1,228,080) $(1,336,000) (*TL) 85,000 22,920 22, 200 707, 800 Retained earnings, 1/1/21-Keller (730,000) (S) (D) 48,000 32,000 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash Accounts receivable Inventory Investment in Keller (281,000) 135,000 $(1, 482,000) 191,000 400,000 610,000 1,047,000 (135,000) 80,000 $ (785,000) $ 80,000 630,000 540,000 (267, 080) 135,000 $ (1,360, 160) $ 271,000 960,000 1, 120,600 0 (D) 48,000 (P) 70,000 (G) 29,400 (*C) 22,920 (S) 808, 680 (I) 81,000 (A) 182, 400 (*TL) 85,000 a esmas Land Buildings and equipment (net) Customer list 190,000 518,000 610,000 520,000 (A) 304,000 (E) 16,000 Total assets $ 2,956,000 $ (664, 000) (810,000) 715,000 1,038,000 288,000 4, 392,600 $ (1,549, 000) (810,000) $ 2,380,000 $ (955, 000) (540,000) (100,000) (785, 000) Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 Noncontrolling interest 1/1/21 (P) (S) (S) 70,000 540,000 100,000 (1,482,000) (1,360,160) (S) 539, 120 (A) 121,600 (660, 720) (673, 440) Noncontrolling interest 12/31/21 Total liabilities and equity (673, 440) $ (4,392, 600) $(2,956,000) $(2,380,000) $2,446,320 $2,446, 320