O ents - 2020 Spring 1 x |Chapter 3 Practice x Assignments X + Incognito (2) newconnect.mheducation.com/flow/connect.html At Lehman 3 Practice Saved Help Save & Exit Submit Check my work 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 Accounts payable $ 57, 309 Accounts receivable $ 42, 200 Additional paid in capital 50, 060 Buildings (net) (4-year remaining life) 214, 090 Cash and short-term investments 82, 250 Common stock 250, 090 Equipment (net ) (5-year remaining life) 875, 090 Inventory 90 , 580 Land 117, 090 Long-term liabilities (mature 12/31/20) 170,009 Retained earnings, 1/1/17 409, 650 nces Supplies 16,000 Totals $ 936, 950 936, 950 During 2017, Abernethy reported net income of $117,500 while declaring and paying dividends of $15,000. During 2018, Abernethy reported net income of $171.250 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $816,280 in cash. Assume that the equipment and long-term liabilities had fair values of $396,950 and $140,720, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment. Prepare 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.) view transaction list Consolidation Worksheet Entries 1 2 5 6 7 8 9 Prepare entry E to recognize 2017 amortization expense. Type here to search e BEE DEL