please answer in order
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 $ 53,700 $ 41, eee 50,000 184,000 77,250 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 Ilabilities (mature 12/31/20) Retained earnings 1/1/17 Supplies Totals 250,000 400,000 117.500 107,500 173,000 417,450 16.900 5944,150 $944,150 During 2017. Abernethy reported net income of $98.000 while declaring and paying dividends of $12.000. During 2018. Abernethy reported net income of $128.250 while declaring and paying dividends of $39.000 Assume that Chapman Company acquired Abernethy's common stock for $851.300 in cash As pf January 1, 2017. Abernethy's land had a fair value of $124,200.ts buildings were valued at $254,400, and its equipment was appraised at $378.500. Chapman uses the equity method for this investment Prepare consolidation worksheer entries for December 31, 2017 and December 31, 2018. (If no entry is required for a Tanenrinn lauant calar. "No larni antara in the fire in field Assume that Chapman Company acquired Abernethy's common stock for $851,300 in cash. As of January 1, 2017. Abernethy's land had a fair value of $124,200, its buildings were valued at $254.400, and its equipment was appraised at $378,500. 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 Prepare entry s to eliminate stockholders' equity accounts of subsidiary, Note: Erter debts before credits Debit Credit Date December 31, 2017 1 of 3 !! Next > Consolidation Worksheet Entries 6 7 8 9 10 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. counts Debit Credit Date December 31, 2017 TIL 11 11 view consolidation entries Record entry Clear entry Consolidation Worksheet Entries 3 4 5 6 7 10 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. Note: Enter debits before credits. Accounts Debit Credit Date December 31, 2017 / / Record entsy Clear entry view consolidation entries 1 of 2 Consolidation Worksheet Entries Prepare entry I to eliminate $98,000 income accrual for 2017 less $13,300 amortization recorded by parent using equity method. Note: Enter debits before credits. Accounts Date December 31, 2017 Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry D to eliminate intra-entity dividend transfers. Note: Enter debits before credits. Accounts Date December 31, 2017 Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries
