please do the ten journal entries for both years. (entry S A I D E)

thanks.....

Check Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date. Abernethy has the following trial balance Credit 59,30 $ $ 44,300 50,000 137.ee 73,750 250,000 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 262,569 126,500 100,500 176,000 227,850 18,600 $763,150 $763,150 During 2017, Abernethy reported net income of $96,000 while declaring and paying dividends of $12,000. During 2018, Abernethy reported net income of $141,000 while declaring and paying dividends of $45,000 Assume that Chapman Company acquired Abernethy's common stock for $651,300 in cash. As of January 1, 2017. Abernethy's land had a fair value of $111,300, its buildings were valued at $199,400, and its equipment was appraised at $233,500. Chapman uses the equity method for this 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.) Prey 1 of 2 ! Next > Prepare entry s to eliminate stockholders' equity accounts of subsidiary. 2 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. 3 Prepare entry I to eliminate $96,000 income accrual for 2017 less $9,800 amortization recorded by parent using equity method. 4 Prepare entry D to eliminate intra-entity dividend transfers. 5 Prepare entry E to recognize current year amortization expense. 6 Prepare entry S to eliminate beginning stockholders' equity of subsidiary-the Retained Earnings account has been adjusted for 2017 income and dividends. Entry *C is not needed because equity method was applied. Prepare entry A to recognize allocations relating to investment-balances shown here are as of beginning of current year (original allocation less excess amortizations for the prior period). 8 Prepare entry I to eliminate $141,000 income accrual less $9,800 amortization recorded by parent during 2018 using equity method. 9 Prepare entry D to eliminate intra-entity dividend transfers. 10 Prepare entry E to recognize current year amortization expense. Help 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 59,380 $ $ 44,300 50,000 137,000 73,750 250,000 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 262,500 126,500 100, 500 176,000 227,850 18,600 $763,150 $763,150 During 2017. Abernethy reported net income of $96,000 while declaring and paying dividends of $12,000. During 2018. Abernethy reported net income of $141.000 while declaring and paying dividends of $45,000. Assume that Chapman Company acquired Abernethy's common stock for $651.300 in cash. As of January 1, 2017. Abemethy's land had a fait value of $1,300. Its buildings were valued at $199.400, and its equipment was appraised at $233 500 Chapman uses me equity method for this investment. Prepare consolidation worksheet entries for December 31, 2017 and December 31, 2018. (If no entry is required for o transaction/event, select "No journal entry required in the first account field.) Prev 1 of 2 # Next > o search 1 Dr Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 2 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. Prepare entry I to eliminate $96,000 income accrual for 2017 less $9,800 amortization recorded by parent using equity method. 4. Prepare entry D to eliminate intra-entity dividend transfers. 5 Prepare entry E to recognize current year amortization expense. Note : = journal entry has been entered 6 D Prepare entry S to eliminate beginning stockholders' equity of subsidiary-the Retained Earnings account has been adjusted for 2017 income and dividends. Entry *C is not needed because equity method was applied. Prepare entry A to recognize allocations relating to investment-balances shown here are as of beginning of current year (original allocation less excess amortizations for the prior period]. 8 Prepare entry I to eliminate $141,000 income accrual less $9,800 amortization recorded by parent during 2018 using equity method. 18181 9 Prepare entry D to eliminate intra-entity dividend transfers. Note : = journal entry has been entered 10 Prepare entry E to recognize current year amortization expense. Note : = journal entry has been entered