required for the consolidation of Monica Company and they 35. The individual financial statements for Gibson Company and Seller Company for the year ending December 31, 2018, follow. Gibson acquireni a 60 percent interest in Keller on January 1, 2017 in exchange for various considerations totaling 5570,000. At the acquisition date the fair value of the noncontrolling interest was $380,000 and Keller's book walue was $850,000. Keller had developed internally a customer list that was not recorded on its books bat had an acquisition date fair value of $100,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $60,000 on January 2, 2017, for $100.000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2017, it shipped inventory costing $100.000 to Gib- son at a price of $150,000. During 2018, intra-entity shipments totaled S200,000, although the original cost to Keller was only $140.000. 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 $40,000 at the end of 2018 Gibson Company $ (800,000) 500,000 100,000 (84.000) $ 284,000) $(1.116,000) (284,000) 115.000 $11.285.000) Keller Company $ 500,000) 300,000 60.000 -0- $ (140,000 $ (620,000) (140,000) 60,000 Sales Cost of goods sold Operating expenses Equity in earnings of Keller Net income Retained earnings, 1/1/18 Net income (above) Dividends declared. Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) Total assets $ (700,000) $ 90.000 410,000 320.000 $ 177,000 356.000 440.000 726.000 180,000 496.000 $ 2,375,000 $ (480,000) (610.000) -0- (1.285,000) $12.375.000 390,000 300.000 $ 1.510.000 Liabilities Common stock Additional pald-in capital Retained earnings 12/31/18 Total abilities and equities $ (400,000) (320,000) (90.000) (700,000) $(1.510.000) a. Prepare a worksheet to consolidate the separate 2018 financial statements for Gibson and Keller. b. How would the consolidation entries in requirement (a) have differed if Gibson had sold a build- ing with a $60.000 book value (cost of $140,000) to Keller for S100.000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer