12 Journal entries please

Chapman Company obtains 100 percent of Abernethy Company's stock on January 1,2020 . As of that date, Abernethy has the following trial balance: During 2020, Abernethy reported net Income of $87,000 while declaring and paying dividends of $11,000. During 2021 , Abernethy reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $873,250 in cash. As of January 1,2020 , Abernethy's land had a fair value of $129,800, its bulldings were valued at $243,800, and its equipment was appraised at $403,750. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" In the flrst account fleld.) 3 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. 4 Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method. During 2020 , Abernethy reported net Income of $87,000 while declaring and paying dividends of $11,000. During 2021 , Abernethy reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $873,250 in cash. As of January 1,2020 , Abernethy's land had a fair value of $129,800, Its bulldings were valued at $243,800, and its equipment was appraised at $403,750. Chapman uses the equity method for this Investment. Prepare consolidation worksheet entrles for December 31, 2020, and December 31,2021 . (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account fleld.) During 2020 , Abernethy reported net Income of $87,000 while declaring and paying dividends of $11,000. During 2021 , Abernethy reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $873,250 in cash. As of January 1,2020 , Abernethy's land had a fair value of $129,800, Its bulldings were valued at $243,800, and its equipment was appraised at $403,750. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31,2020 , and December 31,2021 . (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) 8 Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021 . 10 Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method