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 $450,000. At the acquisition date, the fair value of the noncontrolling interest was $300,000 and Keller?s book value was $590,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $160,000. This intangible asset is being amortized over 20 years.

Gibson sold Keller land with a book value of $75,000 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 $126,000 to Gibson at a price of $210,000. During 2015, intra-entity shipments totaled $260,000, although the original cost to Keller was only $182,000. 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 $35,000 at the end of 2015.