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There is 12 entries and I don't know how to do it Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020.

image text in transcribedThere is 12 entries and I don't know how to do it

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 Credit $ 50,500 $ 44,100 50,000 166,000 79, 250 250,000 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 12/31/23) Retained earnings, 1/1/20 Supplies Totals 292,500 100,500 128,000 188,000 288,850 17,000 $827,350 $ 827,350 During 2020, Abernethy reported net income of $103,000 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $144,250 while declaring and paying dividends of $58,000. Assume that Chapman Company acquired Abernethy's common stock for $694,300 in cash. As of January 1, 2020, Abernethy's land had a fair value of $142,700, its buildings were valued at $210,000, and its equipment was appraised at $264,000. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date Accounts Debit Credit 1 X X December 31, 202 Common stock-Abernethy Additional paid-in capital Retained earnings1/1/20 Investment in Abernethy x X 2 December 31, 202 Land X Buildings X

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