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 $390,000. At the acquisition date, the fair value of the noncontrolling interest was $260,000 and Keller's book value was $510,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $140,000. 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 $130,000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2020, it shipped inventory costing $133,000 to Gibson at a price of $190,000. During 2021, intra-entity shipments totaled $240,000, although the original cost to Keller was only $156,000. 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 $60,000 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) Gibson Company Keller Company $ (840,000) $ (540,000) 540,000 340,000 140,000 45,000 (93,000) 0 $ (253,000) $ (155,000) $ (1,156,000) $ (640,000) (253,000) (155,000) Dividends declared 135,000 45,000 Retained earnings, 12/31/21 $ (1,274,000) $ (750,000) Cash $ 173,000 $ 100,000 Accounts receivable. 364,000 450,000 Inventory 430,000 360,000