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please do whay is requested in the second picture based on the info provided in the first Problems 19 through 21 should be viewed as
please do whay is requested in the second picture based on the info provided in the first Problems 19 through 21 should be viewed as independent situations. They are based on the Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of following data: that date, Abernethy has the following trial balance: Debit Credit $ 50,000 Accounts payable.. Accounts receivable.. Additional paid-in capital Buildings (net)(4-year remaining life) Cash and short-term investments $ 40,000 50,000 120,000 60,000 250,000 Common stock Equipment (net)(5-year remaining life) Inventory Land.... Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17.... . . Supplies Totals 200,000 90,000 80,000 150,000 100,000 10,000 $600,000 $600,000 During 2017, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2018, Abernethy reported net income of $1 10,000 while declaring and paying dividends of $30,000 19. Assume that Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1, 2017, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. 20. Assume that Chapman CompanyY Tu Acquisition/Amortization Sched ule Prepare JEs on parent's books for investment Prepare consolidation worksheet JEs What is the ending balance in the investment account
please do whay is requested in the second picture based on the info provided in the first
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