- 10 Chapman Company Obtains 100 Percent Of Abernethy Company S Stock On January 2020 As Of Rate Abonaty Has Following Tr 1 (24.72 KiB) Viewed 70 times
- 10 Chapman Company Obtains 100 Percent Of Abernethy Company S Stock On January 2020 As Of Rate Abonaty Has Following Tr 2 (24.72 KiB) Viewed 70 times
10 Chapman Company obtains 100 percent of Abernethy Company's stock on January 2020. As of rate Abonaty has following trial balance be Accounts payable 150.00 Accounts receivable 340.000 Additional paid capital 36.000 Building the remaining 110.000 cash and short inte 40,00 Como took 250,00 Equipant net har ring 11 200,000 Inventory 30,000 Land 19.000 Long-term bites (mature 12/31/23 150,00 Retained ing. 11/20 109,000 supplies 10,000 Totals $600.000 € 600.000 During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021. Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000 Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 in cash. All 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, 2020, and December 31, 2021 of no entry is required for a allad