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 $$750,000.$ At the acquisition date, the fair value of the noncontrolling interest was $$500,000$ and Keller$$s book value was $$1,000,000.$ Keller had developed internally a customer list that was not recorded on its books but had an acquisition$-$date fair value of $$250,000.$ 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 $$75,000$ on January $2,2020,$ for $$160,000.$ Keller still holds this land at the end of the current year.

Keller regularly transfers inventory to Gibson. In $2020,$ it shipped inventory costing $$180,000$ to Gibson at a price of $$300,000.$ During $2021,$ intra$-$entity shipments totaled $$350,000,$ although the original cost to Keller was only $$245,000.$ 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 $2021.$