Question: This is what i have so far. Please Help me study and i will give good rating! Chapman Company obtains 100 percent of Abernethy Company's

This is what i have so far. Please 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 trial balance: During 2020. Abernethy reported net income of $98.500 while declaring and paying dividends of $12.000. During 2021. Abernethy reported net income of $132,250 while declaring and paying dividends of $48.000. Assume that Chapman Company acquired Abernethy's common stock for $675.380 in cash. Assume that the equipment and longterm liabilities had falr values of $278.850 and $120,920, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment. Prepare consolldation worksheet entries for December 31. 2020, and December 31, 2021. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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