Question: Problems 19 through 21 should be viewed as independent situations. They are based on the following data: Chapman Company obtains 100 percent of Abernethy Company's

Problems 19 through 21 should be viewed as independent situations. They are based on the following data: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1. 2020. As of that date. Abernethy has the following trial balance: 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. 19. Assume that Chapman Company acquired Abernetly's common stock for $490,000 in cash. As of January 1, 2020, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman uses the equity rethod for this investment. Prepare consolidation worksheet entries for December 31. 2020, and December 31. 2021

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