10 Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernathy has the following trial balance: Debit Accounts payable $50,000 Accounts receivable 340,000 Additional paid-in capital 30,000 Buildings (net) (4-year remaining life) Cash and short-term investments 130,000 40,000 Common stock 250,000 Equipment (net) (3-year remaining life) Inventory 200,000 30,000 Land Long-term liablities (nature 12/31/1 Retained earnings, 1/1/20 Bupplies 80,000 150,000 100,000 10,000 Totals $600,000 600,000 During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000 Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment Prepare the consolidation worksheet entries for December 31, 2020, and December 31, 2021 of no entry is required for a field Y 10 Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernathy has the following trial balance: Debit Accounts payable $50,000 Accounts receivable 340,000 Additional paid-in capital 30,000 Buildings (net) (4-year remaining life) Cash and short-term investments 130,000 40,000 Common stock 250,000 Equipment (net) (3-year remaining life) Inventory 200,000 30,000 Land Long-term liablities (nature 12/31/1 Retained earnings, 1/1/20 Bupplies 80,000 150,000 100,000 10,000 Totals $600,000 600,000 During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000 Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment Prepare the consolidation worksheet entries for December 31, 2020, and December 31, 2021 of no entry is required for a field Y