Problem 5-35 (LO 5-1, 5-2, 5-3, 5-4, 5-5, 5-6, 5-7)
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 $960,000. At the
acquisition date, the fair value of the noncontrolling interest was
$640,000 and Keller’s book value was $1,280,000. Keller had
developed internally a customer list that was not recorded on its
books...