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 totaling $720,000. At the acquisition date, the fair value of the noncontrolling interest was $480,000 and Kellers book value was $960,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $240,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $70,000 on January 2, 2014, for $150,000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2014, it shipped inventory costing $188,500 to Gibson at a price of $290,000. During 2015, intra-entity shipments totaled $340,000, although the original cost to Keller was only $204,000. 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 $30,000 at the end of 2015.

Gibson Company Keller Company

Sales $ (940,000 ) $ (640,000 )

Cost of goods sold 640,000 440,000

Operating expenses 130,000 95,000

Equity in earnings of Keller Company (63,000 ) 0

Net income $ (233,000 ) $ (105,000 )

Retained earnings, 1/1/15 $ (1,256,000 ) $ (690,000 )

Net income (above) (233,000 ) (105,000 )

Dividends declared 140,000 40,000

Retained earnings, 12/31/15 $ (1,349,000 ) $ (755,000 )

Cash $ 183,000 $ 100,000

Accounts receivable 384,000 550,000

Inventory 530,000 460,000

Investment in Keller Company 933,000 0

Land 250,000 530,000

Buildings and equipment (net) 510,000 440,000

Total assets $ 2,790,000 $ 2,080,000

Liabilities $ (711,000 ) $ (765,000 )

Common stock (730,000 ) (460,000 )

Additional paid-in capital 0 (100,000 )

Retained earnings, 12/31/15 (1,349,000 ) (755,000 )

Total liabilities and equities $ (2,790,000 ) $ (2,080,000 )

(Note: Parentheses indicate a credit balance.)

a. Prepare a worksheet to consolidate the separate 2015 financial statements for Gibson and Keller. (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.)

With credit and debit and noncontrolling interest and total accounts.