Question: need help asap ! thank you! answer this only if you know how do solve problem ... Chapman Company obtains 100 percent of Abernethy Company's

need help asap ! thank you! answer this only if you know how do solve problem ...  need help asap ! thank you! answer this only if you
know how do solve problem ... Chapman Company obtains 100 percent of
Abernethy Company's stock on January 1, 2017. As of that date, Abernethy
has the following trial balance: Debit Credit $ 57,700 $ 45,000 50,000
124,000 68,250 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 12/31/20) Retained earnings, 1/1/17 Supplies Totals
250,000 327,500 103,000 106,000 183,500 252, 350 19,800 $ 793,550 $ 793,550
During 2017, Abernethy reported net income of $101,000 while declaring and paying
dividends of $13,000. During 2018, Abernethy reported net income of $152,000 while
declaring and paying dividends of $39,000. Assume that Chapman Company acquired Abernethy's

Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 57,700 $ 45,000 50,000 124,000 68,250 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 12/31/20) Retained earnings, 1/1/17 Supplies Totals 250,000 327,500 103,000 106,000 183,500 252, 350 19,800 $ 793,550 $ 793,550 During 2017, Abernethy reported net income of $101,000 while declaring and paying dividends of $13,000. During 2018, Abernethy reported net income of $152,000 while declaring and paying dividends of $39,000. Assume that Chapman Company acquired Abernethy's common stock by paying $677,350 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, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries Prepare entry D to eliminate intra-entity dividend transfers. Note: Enter debits before credits. Date December 31, 2017 Accounts Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry E. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2017 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry A to recognize original goodwill balance. Note: Enter debits before credits. Date Accounts Debit December 31, 2018 Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry I to eliminate Intra-entity Income accrual for the current year. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2018 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries

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