Question: This is how far i got by myself. Help me study and i will give good rating! Chapman Company obtains 100 percent of Abernethy Company's

This is how far i got by myself. Help me study and i will give good rating!

and i will give good rating! Chapman Company obtains 100 percent of

Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following tral balance: During 2020. Abernethy reported net income of $98.000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $128.250 while declaring and paying dividends of $39.000. Assume that Chapman Company acquired Abernethy's common stock by paying $890.450 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, 2020, and December 31 . 2021. (If no entry is required for a transoction/event, select "No journal entry required" in the first account fleld.)

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