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Assume that Chapman Company acquired Abernethys common stock by paying $520,000 in cash. All of Abernethys accounts are estimated to have a fair value approximately

Assume that Chapman Company acquired Abernethys common stock by paying $520,000 in cash. All of Abernethys 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, 2017, and December 31, 2018.

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