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 $930,000. At the acquisition date, the fair value of the noncontrolling interest was $620,000 and Keller's book value was $1,240,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $310,000. 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 $60,000 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 inventory costing $216,000 to Gibson at a price of $360,000. During 2021, intra-entity shipments totaled $410,000, although the original cost to Keller was only $287,000. 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 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 Keller Company $ (1,010,000) 710,000 200,000 (84,000) $ (710,000) 510,000 60,000 0 (184,000) $ (140,000) $ $ (1,326,000) (184,000) 130,000 $ (1,380,000) $ 190,000 398,000 600,000 1,032,000 180,000 517,000 $ 2,917,000 $ (737,000) (800,000) 0 (1,380,000) $ (725,000) (140,000) 75,000 $ (790,000) 70,000 620,000 530,000 600,000 510,000 $ 2,330,000 (920,000) (530,000) (90,000) (790,000) $ (2,917,000) $ (2,330,000) (Note: Parentheses indicate a credit balance.)