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 totalling $1,020,000. At the acquisition date, the fair value of the noncontrolling interest was $680,000 and Keller's book value was $1,360,000, Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $340,000. 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 $75,000 on January 2,2020, for $170,000. Keller still holds this land at the end of the current year. Keller regularly transfers inventory to Gibson. In 2020 , it shipped inventory costing $234,000 to Gibson at a price of $390,000. During 2021 , intra-entity shipments totaled $440,000, although the original cost to Keller was only $308,000. 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 2021