The individual financial statements for Gibson Company and Keller Company for the year ending December follow. Gibson acquired a percent interest in Keller on January in exchange for various considerations totaling $ At the acquisition date, the fair value of the noncontrolling interest was $ and Kellers book value was $ Keller had developed internally a customer list that was not recorded on its books but had an acquisitiondate fair value of $ This intangible asset is being amortized over years. Gibson uses the partial equity method to account for its investment in Keller.
Gibson sold Keller land with a book value of $ on January for $ Keller still holds this land at the end of the current year.
Keller regularly transfers inventory to Gibson. In it shipped inventory costing $ to Gibson at a price of $ During intraentity shipments totaled $ although the original cost to Keller was only $ In each of these years, percent of the merchandise was not resold to outside parties until the period following the transfer. Gibson owes Keller $ at the end of
