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 $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 uses the partial equity method to account for its investment in Keller. Gibson sold Keller land with a book value of $60,000 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 $100,000 to Gibson at a price of $150,000. During 2021, 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 2021 " Sales Cost of goods sold Operating expenses Equity in earnings of Keller Net income Retained earnings, 1/1/21 Net income (above) Dividends declared Retained earnings, 12/31/21 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/21 Total liabilities and equities Gibson Company Keller Company $ (880, eee) $ (500,000) see, eee 300,000 100,000 60,000 (84, eee) @ $ (284, 800) $ (140,000) $(1,116,880) $ (620,000) (284.eee) (140,000) 115,000 60,000 $ (1,285,280) $ (780,000) $ 177,eee $ 90,000 356,000 410.ee 440,000 320,000 726, eee 180,000 390,000 496.000 300.000 $ 2,375,000 $ 1,510,000 $ (480, eee) $ (4 , ) . (610,000) (328,eee) (98,eee) (1,285,000) ( (780,eee) $(2,375,000) $(1,510,000) (Note: Parentheses indicate a credit balance.) a. Prepare a worksheet to consolidate the separate 2021 financial statements for Gibson and Keller. Required A Required B Prepare a worksheet to consolidate the separate 2021 financial statements for Gibson and Keller. (Do not round intermediate calculations. For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less GIBSON AND KELLER Consolidation Worksheet For the Year Ending December 31, 2021 Consolidation Entries Keller Debit Credit Accounts Gibson Noncontrolling Interest $ (800,000 500.000 100,000 (84,000) $ (284.000) 210,000 $ (500,000) 300,000 60,000 0 $ (140,000) Consolidated Totals S (1,100,000) 602,000 165,000 $ 200,000 12,000 5.000 84.000 IS Sales Cost of goods sold Operating expenses Equity in earnings of Keller Separate company net income Consolidated net income To noncontrolling interest To Gibson Company Retained earnings, 1/1/21- Gibson Retained earnings, 1/1/21-Keller Net income Dividends declared (53,200) X $ 333,000 53,200 (279,800) X $(1.116,000) 49,000 $ (1,067,000) 620,000 (620,000 (140,000) 60,000 (279,800) 115,000 36.000 24,000 $ (700,000) $ (1.231,800) $ $ (284,000) 115.000 $ (1.285,000) $ 177,000 356,000 440,000 726,000 180,000 496.000 90,000 410,000 320,000 267,000 726,000 748,000 36,000 40,000 12.000 762,000 40,000 390,000 300,000 Retained earnings, 12/31/21 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) Customer list Total assets Liabilities Common stock Additional paid in capital Retained earnings, 12/31/21 Noncontrolling interest 1/1/21 Noncontrolling interest 12/31/21 95,000 5,000 530,000 796,000 90,000 3.157.000 (840,000) (610,000) $ 2,375,000 s S (480,000) S (610,000) $ 1,510,000 $ (400,000) (320,000) (90,000) (700,000) 40,000 320,000 90,000 (1.285,000) (1.231,800) 446,000 (446,000) (475,200) X $ (475 200) Total liabilities and equity $ (2.375.000) $ (1,510,000) S 1,551,000 $ 1,551,000 $ (3,157,000)