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 59,309 $ $ 44,300 50,000 137,000 73,750 250,000 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 262,500 126,500 100, 500 176,000 227,850 18,600 $763,150 $763,150 During 2017, Abernethy reported net income of $96,000 while declaring and paying dividends of $12,000. During 2018, Abernethy reported net income of $141,000 while declaring and paying dividends of $45,000. Assume that Chapman Company acquired Abernethy's common stock for $651,300 in cash. As of January 1, 2017 Abernethy's land had a fair value of $111,300. its buildings were valued at $199.400, and its equipment was appraised at $233,500. Chapman uses the put method for this investment Next > Consolidation Worksheet Entries Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Accounts Debit Credit Date December 31, 2017 Record entry Clear entry view consolidation entries Prev 1 of 2 Next >