Question: please answer question 21, show steps. show work paper elimitation (WPE) following data: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1,

please answer question 21, show steps. show work paper elimitation (WPE)

following data: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: During 2023, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2024, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000. 21. 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, 2023, and December 31, 2024

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