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Chapman Company obtains 100 percent of Abernethy Company's stock on January 2020. As of that date. Abernethy has the following trial balance Debit 5 47,500

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Chapman Company obtains 100 percent of Abernethy Company's stock on January 2020. As of that date. Abernethy has the following trial balance Debit 5 47,500 Credit 50,300 50.000 201,000 61,750 Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining life) Cash and short-tere investments Common stock Equipment (net) (5-year remaining 1ste) Inventory Land Long-term liabilities (mature 12/31/23) Retained caring. 1/1/20 Supplies Totals 250,000 447,500 127.500 124,000 17.00 51,027,150 162,00 $14,850 $1.097,150 During 2020. Abernethy reported net income of $92000 while declaring and paying dividends of $12.000 During 2021 Abernethy reported net income of $141,250 while dedaring and paying dividends of $48.000. Assume that Chapman Company acquired Abernethy's common stock for $919.830 in cash Assume that the equipment and long-term abilities had fair values of $471,000 and $131320, respectively, on the acquisition date Chapman uses the initial value method to account for its Investment Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Consolidation Worksheet Entries K 1 > Prepare entry to linate stockholders' equity accounts of subsidiary Consolidation Worksheet Entries 1 2 3 6 7 8 Prepare entry s to eliminate stockholders' equity accounts of subsidiary Note: Enter debits before credits Date Accounts Debit Credit Consolidation Worksheet Entries Prepare entry A to recognize allocations in connection with acquisition date fair values. Consolidation Worksheet Entries Prepare entry A to recognize allocations in connection with acquisition-date fair values. Consolidation Worksheet Entries 2 4 5 7 Prepare entry E to recognize 2021 amortization expense

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