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 $1,020,000. At the acquisition date, the fair value of the noncontrolling interest was $680,000 and Keller's book value was $1,360,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $340,000. This intangible asset is being amortized over 20 years. Gibson sold Keller land with a book value of $75,000 on January 2, 2017, for $170,000. Keller still holds this land at the end of the current year Keller regularly transfers inventory to Gibson. In 2017, it shipped inventory costing $234,000 to Gibson at a price of $390,000. During 2018, intra-entity shipments totaled $440,000, although the original cost to Keller was only $308,000. 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 2018 Gibson Company Keller Company Sales Cost of goods sold Operating expenses Equity in earnings of Keller (1,040,000) (740,000) 740,000 120,000 540,000 75, 000 75,000) Net income $(255,000) 125,000) Retained earnings, 1/1/18 Net income (above) Dividends declared (1,356,000) (740, 000) (125,000) (255,000) 145,000 45,000 (1,466,000) (820,000) Retained earnings, 12/31/18 Cash Accounts receivable Inventory Investment in Keller Land Buildings and equipment (net) $ 193,000 100,000 650, 000 560,000 404, 000 630,000 1,116,000 210,000 520, 000 630,000 540,000 3,073,000 2,480,000 $(777,000)(960,000) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/18 (600,000) (100,000) (1.466,000)(820,000) (3,073,000) (2,480,000) 830,000) Total 1iabilities and equities b. How would the consolidation entries in requirement (a) have differed if Gibson had sold a building with a $180,000 book value (cost of $380,000) to Keller for $340,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. How would the consolidation entries in requirement (a) have differed if Gibson had sold a building with a $180,000 book value (cost of $380,000) to Keller for $340,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare Entry TA to defer the intra-entity gain as of the beginning of the year Note: Enter debits before credits Accounts Debit Credit