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 1, 2017, in exchange for various considerations totaling $840,000. At the acquisition date, the fair value of the noncontrolling interest was $560,000 and Keller's book value was $1,120,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $280,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $90,000 on January 2, 2017, for $190,000. Keller still holds this land at the end of the current year Keller regularly transfers inventory to Gibson. In 2017, it shipped inventory costing $198,000 to Gibson at a price of $330,000. During 2018, intra-entity shipments totaled $380,000, although the original cost to Keller was only $266,000. 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 $50,000 at the end of 2018 Gibson Company (980,000)(680,000) Keller Company Sales Cost of goods sold Operating expenses Equity in earnings of Keller 680,000 170,000 93,000 480,000 45,000 $ (223,000) $(155,000) Net income Retained earnings, 1/1/18 Net income (above) Dividends declared $ (1,296,000) (710,000) 155, 000) 60,000 (1,404,000) (805,000) 90,000 590,000 500,000 (223,000) 115,000 Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) $187,000 392,000 570,000 1,011,000 150,000 514,000 570,000 480,000 $2,824,000 2,230,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/18 650,000) (825,000) (500,000) 100,000) 805,000) $ (2,824,000) (2,230,000) (770,000) 1,404,000) Total liabilities and equities