Return to question Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Accounts receivable Accounts payable Additional paid-in capital $ Credit 50,300 $ 47,500 50,000 Buildings (net) (4-year remaining life) Cash and short-term investments 201,000 61,750 Common stock 250,000 Equipment (net) (5-year remaining life) 447,500 Inventory 127,500 Land 124,000 Long-term liabilities (mature 12/31/23) 162,000 Retained earnings, 1/1/20 514,850 Supplies Totals 17,900 $1,027,150 $1,027,150 During 2020, Abernethy reported net income of $97,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $141,250 while declaring 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