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Saved Help Save & Ex Chec Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Debit Credit $ 54,100 $ 48,500 s0,eee 130,000 66,eee Common stock Equipment (net) (5-year remaining life) Inventory Land 250,0e0 437,500 109,000 89,000 Long-term liabilities (mature 12/31/28) Retained earnings, 1/1/17 178,500 358,800 Supplies 11,400 Totals s 891,400 $891,400 During 2017, Abernethy reported net income of $126,000 while declaring and paying dividends of $16.000. During 2018, Abernethy reported net income of $174,000 while declaring and paying dividends of $49,000 Assume that Chapman Company acquired Abernethy's common stock by paying $785,800 in cash. Al of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment Prepare the consolidation worksheet entries for December 31, 2017 and December 31, 2018. (If no entry is required for a tranEartinn/auant ealart "No inirnal entr ranirad" in the firet aceoint fiald search hp Help Save & Exi Chec Prepare the consolidation worksheet entries for December 31, 2017, and December 31, 2018. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 1 2 3 4 5 6 7 8 11 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Debit Credit Accounts. Date December 31, 2017 2 of 3 Next >

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