Reference no: EM132487195
Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance:
Point 1: During 2017, Abernethy reported net income of $124,500 while declaring and paying dividends of $16,000. During 2018, Abernethy reported net income of $167,750 while declaring and paying dividends of $41,000.
Point 2: Assume that Chapman Company acquired Abernethy's common stock for $819,850 in cash. As of January 1, 2017, Abernethy's land had a fair value of $141,900, its buildings were valued at $251,800, and its equipment was appraised at $306,750. Chapman uses the equity method for this investment.
Question 1: What are the 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.)
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