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.

a. Prepare a worksheet to consolidate the separate 2021 financial statements for Gibson and Keller.

Part a. facts: Gibson acquired interest in Keller 1/1/2017 Various considerations given for acquisition Fair value of noncontrolling interest at acquisition Keller's book value Value assigned to Keller customer list Keller customer list - life for purposes of amortization Book value of land Gibson sold to Keller on 1/2/2017 Price paid by Keller for Gibson's land Cost of inventory shipped by Keller to Gibson in 2017 Price paid by Gibson for 2017 inventory Cost of intra-entity shipments by Keller to Gibson in 2018$140,000 Price paid by Gibson for 2018 intra-entity shipments Percentage of inventory not resold in period following transfer Amount Gibson owes Keller at end of 2018 60% 570,000 380,000 850,000 100,000 20 60,000 100,000 100,000 150,000 140,000 200,000 20% 40,000 Part A. Consideration transferred Noncontrolling interest fair value Subsidiary fair value at acquisition-date Book value Fair value in excess of book value Excess fair value assignment to customer list \begin{tabular}{cc} RemainingLifeinyears & AnnualExcessAmort. \\ \hline \end{tabular}