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 $$300,000.$ At the acquisition date, the fair value of the noncontrolling interest was $$200,000$ and Keller$$s book value was $$390,000.$ Keller had developed internally a customer list that was not recorded on its books but had an acquisition$-$date fair value of $$110,000.$ 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 $$50,000$ on January $2,2020,$ for $$100,000.$ Keller still holds this land at the end of the current year.

Keller regularly transfers inventory to Gibson. In $2020,$ it shipped inventory costing $$112,000$ to Gibson at a price of $$160,000.$ During $2021,$ intra$-$entity shipments totaled $$210,000,$ although the original cost to Keller was only $$136,500.$ 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 $$30,000$ at the end of $2021.$

Gibson Company Keller Company

Sales $ $(810,000)$ $ $(510,000)$

Cost of goods sold $510,000310,000$

Operating expenses $110,00030,000$

Equity in earnings of Keller $(102,000)0$

Net income $ $(292,000)$ $ $(170,000)$

Retained earnings, $1/1/21$ $ $(1,126,000)$ $ $(625,000)$

Net income $($above$)(292,000)(170,000)$

Dividends declared $120,00030,000$

Retained earnings, $12/31/21$ $ $(1,298,000)$ $ $(765,000)$

Cash $ $170,000$ $ $70,000$

Accounts receivable $358,000420,000$

Inventory $400,000330,000$

Investment in Keller $771,0000$

Land $120,000400,000$

Buildings and equipment $($net$)497,000310,000$

Total assets $ $2,316,000$ $ $1,530,000$

Liabilities $ $(418,000)$ $ $(355,000)$

Common stock $(600,000)(330,000)$

Additional paid$-$in capital $0(80,000)$

Retained earnings, $12/31/21(1,298,000)(765,000)$

Total liabilities and equities $ $(2,316,000)$ $ $(1,530,000)$

$($Note: Parentheses indicate a credit balance.$)$

Prepare a worksheet to consolidate the separate $2021$ financial statements for Gibson and Keller.

How would the consolidation entries in requirement $($a$)$ have differed if Gibson had sold a building on January $2,2020,$ with a $$65,000$ book value $($cost of $$150,000)$ to Keller for $$110,000$ instead of land, as the problem reports? Assume that the building had a $10-$year remaining life at the date of transfer. $($with the consolidation worksheet please$)$