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Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date. Abernethy has the following trial balance: Debit Credit

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Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date. Abernethy has the following trial balance: Debit Credit 55,300 $ $ 45,800 50,000 197,000 81,5ee 250,000 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 345,000 124,500 125,000 176,500 402.900 15,900 $934,700 $ 934,700 During 2017, Abernethy reported net income of $124,500 while declaring and paying dividends of $16,000. During 2018, Abernethy reported net income of $167.750 while declaring and paying dividends of $41,000, Assume that Chapman Company acquired Abernethy's common stock for $819,850 in cash. As of January 1, 2017, Abernethy's land had a fair value of $141,900, its buildings were valued at $251,800, and its equipment was appraised at $306,750. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) view transaction list Consolidation Worksheet Entries 2 3 4 5 6 7 8 9 10 Prepare entry s to eliminate stockholders' equity accounts of subsidiary

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