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 $300,000. At the acquisition date, the fair value of the noncontrolling interest was $200,000 and Keller's book value was $390,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $110,000. This intangible asset is being amortized over 20 vears. Gibson sold Keller land with a book value of $50,000 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 $112,000 to Gibson at a price of $160,000. During 2018, intra-entity shipments totaled $210,000, although the original cost to Keller was only $136,500. 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 $30,000 at the end of 2018 Gibson Company $ (810,000) (510,000) Keller Company Sales Cost of goods sold Operating expenses Equity in earnings of Keller 510,000 110,000 (102,000 310,000 30,000 0 $ (292,000) 170,000) $ (1,126,000) (625,000) Net income Retained earnings, 1/1/18 Net income (above) Dividends declared (292,000) (170,000) 120,00030000_ Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) $ (1,298,000) (765, 000) $ 170,000 70,000 420,000 330,000 358,000 400,000 771,000 120,000 497,000 $ 2,316,000 400,000 310,000 $1,530,000 Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/18 $ (418,000) $(355,000) (330,000) (80,000) (600,000) (1,298,000).000 $(2,316,000) 1,530,000) Total liabilities and equities