Assume that Chapman Company pays $520,000 in cash for Abernathy Company common stock. It is estimated that the fair value of all of Abernathy's accounts is approximately equal to the current book value. Chapman uses the partial equity method to account for its investments. Prepare consolidated worksheet entries for December 31, 2017 and December 31, 2018. Prepare total journal entries of Work Paper Elimination (WPE).

Problems 19 through 21 should be viewed as independent situations. They are based on the following data: Chapman Company obtains 100 pereent of Abernethy Company's stock on January 1,2017. As of that date, Abernethy has the following trial balance: During 2017, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2018, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000