The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2013, follow.

The individual financial statementsfor Gibson Company and Keller Company for the year ending December 31, 2013, follow. Gibson acquired a 60 percent interest in Keller on January 1, 2012, in exchange for various considerations totaling $570,000. At the acquisition date, the fair value of thenoncontrolling 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 20years.Gibson sold Keller land with a book value of $60,000 on January 2, 2012, for $100,000. Keller still holds this land at the end of thecurrent year.Keller regularly transfers inventory to Gibson. In 2012, it shipped inventory costing $100,000 to Gibson at a price of $150,000. During 2013, intra-entity shipments totaled $200,000, although the original cost to Keller was only $150,000. 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 2013.a) What journal entries are needed to prepare the a worksheet to consolidate the separate 2013 financial statements for Gibson and Keller.b) How would the consolidation entries be different is Gibson has sold equipment to Keller instead of land for $100,000 with a book value of $ 60,000. Assume the land has a 10 year remaining life at the date of transfer.