Problem 3-19 (Algo) (LO 3-3a) Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Accounts receivable Accounts payable Additional paid-in capital Credit $ 58,000 $ 40,200 50,000 Buildings (net) (4-year remaining life) Cash and short-term investments 170,000 66,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 372,500 109,500 Land 116,000 Long-term liabilities (mature 12/31/26) 165,000 Retained earnings, 1/1/23 369,150 Supplies Totals 17,200 $ 892,150 $ 892,150 During 2023, Abernethy reported net Income of $106,500 while declaring and paying dividends of $13,000. During 2024, Abernethy reported net income of $142,750 while declaring and paying dividends of $51,000. Assume that Chapman Company acquired Abernethy's common stock for $759,900 in cash. As of January 1, 2023, Abernethy's land had a fair value of $126,400, its buildings were valued at $211,600, and its equipment was appraised at $344,500. Chapman uses the equity method for this Investment. Required: Prepare consolidation worksheet entries for December 31, 2023, and December 31, 2024. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.

Prepare consoldiation worksheet entries for December 31, 2020 and December 31, 2021.

hapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance:     Debit   Credit Accounts payable       $ 56,700 Accounts receivable $ 43,800       Additional paid-in capital         50,000 Buildings (net) (4-year remaining life)   143,000       Cash and short-term investments   80,250       Common stock         250,000 Equipment (net) (5-year remaining life)   295,000       Inventory   110,500       Land   112,000       Long-term liabilities (mature 12/31/23)         171,000 Retained earnings, 1/1/20         268,750 Supplies   11,900       Totals $ 796,450   $ 796,450     During 2020, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000.   Assume that Chapman Company acquired Abernethy’s common stock for $698,050 in cash. As of…

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