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 $660,000. At the acquisition date, the fair value of the noncontrolling interest was $440,000 and Kellers book value was $880,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $220,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $60,000 on January 2, 2014, for $130,000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2014, it shipped inventory costing $162,000 to Gibson at a price of $270,000. During 2015, intra-entity shipments totaled $320,000, although the original cost to Keller was only $224,000. 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 $65,000 at the end of 2015.

Gibson Company Keller Company Sales $ (920,000 ) $ (620,000 ) Cost of goods sold 620,000 420,000 Operating expenses 110,000 85,000 Equity in earnings of Keller Company (69,000 ) 0 Net income $ (259,000 ) $ (115,000 ) Retained earnings, 1/1/15 $ (1,236,000 ) $ (680,000 ) Net income (above) (259,000 ) (115,000 ) Dividends declared 130,000 30,000 Retained earnings, 12/31/15 $ (1,365,000 ) $ (765,000 ) Cash $ 181,000 $ 80,000 Accounts receivable 380,000 530,000 Inventory 510,000 440,000 Investment in Keller Company 903,000 0 Land 230,000 510,000 Buildings and equipment (net) 508,000 420,000 Total assets $ 2,712,000 $ 1,980,000 Liabilities $ (637,000 ) $ (695,000 ) Common stock (710,000 ) (440,000 ) Additional paid-in capital 0 (80,000 ) Retained earnings, 12/31/15 (1,365,000 ) (765,000 ) Total liabilities and equities $ (2,712,000 ) $ (1,980,000 ) (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.) b. How would the consolidation entries in requirement (a) have differed if Gibson had sold a building with a $120,000 book value (cost of $260,000) to Keller for $220,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)