The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018, follow.Gibson acquired a 60 percent interest in Keller on January 2, 2017, in exchange for various considerations totaling $570,000.At the acquisition date, the fair value of the noncontrolling interest was $380,000 and Keller's book value was $850,000.Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $100,000.This intangible asset is being amortized over 20 years.

Gibson sold Keller land with a book value of $60,000 on January 2, 2017, for $100,000.Keller still holds this land at the end of the current year.

Keller regularly transfers inventory to Gibson.In 2017, it shipped inventory costing $100,000 to Gibson at a price of $150,000.During 2018, intra-entity shipments totaled $200,000, although the original cost to Keller was only $140,000.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 $40,000 at the end of 2018.

Question: Show a worksheet to consolidate the separate 2018 financial statements for Gibson & Keller.

**There should be a total of 11 consolidated entries**

Arial 10 AA Paste BIU A $ % Clipboard Font Alignment Numbe A1 fox Given Data P05-35 A B C D E F G 1 Given Data P05-35 Part a. facts: Gibson acquired interest in Keller 1/1/2017 60% Various considerations given for acquisition 570,000 6 Fair value of noncontrolling interest at acquisition CA CA CA CA 380,000 7 Keller's book value 850,000 8 Value assigned to Keller customer list 100,000 Keller customer list - life for purposes of amortization 20 10 Book value of land Gibson sold to Keller on 1/2/2017 60,000 11 Price paid by Keller for Gibson's land 100,000 12 Cost of inventory shipped by Keller to Gibson in 2017 100,000 13 Price paid by Gibson for 2017 inventory 150,000 14 Cost of intra-entity shipments by Keller to Gibson in 2018 140,000 15 Price paid by Gibson for 2018 intra-entity shipments CA CA CA CA CA CA 200,000 16 Percentage of inventory not resold in period following transfer 20% 17 Amount Gibson owes Keller at end of 2018 $ 40,000 18Part A. Remaining Annual Life in Excess Consideration transferred years Amort. Noncontrolling interest fair value Subsidiary fair value at acquisition-date Book value Fair value in excess of book value Excess fair value assignment to customer list 19 D Consolidation unuius : D r G T J K 20 21 24 25 26 27 Entry 31 33 39 40 Entry 42 15 44 15 46