The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018, follow. Gibsorn acquired a 60 percent interest in Keller on January 1, 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 internaly 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 un end of 2018 til the period following the transfer. Gibson owes Keller $40,000 at the Gibson eller Company S (800,000) s (5e0,000) Sales Cost of goods sold 500,000 100,000 (84,000 300,000 60,800 Net income (284,800) (148,800) Retained earnings, 12/31/18 5 177,80 s 9e, a0e 410,800 356,088 446,80 726,080 320,eae The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018, follow. Gibsorn acquired a 60 percent interest in Keller on January 1, 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 internaly 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 un end of 2018 til the period following the transfer. Gibson owes Keller $40,000 at the Gibson eller Company S (800,000) s (5e0,000) Sales Cost of goods sold 500,000 100,000 (84,000 300,000 60,800 Net income (284,800) (148,800) Retained earnings, 12/31/18 5 177,80 s 9e, a0e 410,800 356,088 446,80 726,080 320,eae