Business, 06.10.2019 07:01 adrianaglass12

Chapman company obtains 100 percent of abernethy company’s stock on january 1, 2014. as of that date, abernethy has the following trial balance: debit credit accounts payable $51,900 accounts receivable $43,100 additional paid-in capital 50,000 buildings (net) (4-year life) 175,000 cash and short-term investments 75,500 common stock 250,000 equipment (net) (5-year life) 439,500 inventory 127,000 land 116,500 long-term liabilities (mature 12/31/17) 170,500 retained earnings, 1/1/14 464,900 supplies 10,700 totals $987,300 $987,300 during 2014, abernethy reported net income of $87,000 while declaring and paying dividends of $11,000.during 2015, abernethy reported net income of $122,500 while declaring and paying dividends of $55,000.assume that chapman company acquired abernethy’s common stock for $873,250 in cash. as of january 1, 2014, abernethy’s land had a fair value of $129,800, its buildings were valued at $243,800, and its equipment was appraised at $403,750. chapman uses the equity method for this investment. a. prepare consolidation worksheet adjustments for january 1, 2014. (if no entry is required for a transaction, select "no journal entry required" in the first account field.)b. prepare consolidation worksheet adjustments for december 31, 2014. (if no entry is required for a transaction, select "no journal entry required" in the first account field.)c. prepare consolidation worksheet adjustments for december 31, 2015. (if no entry is required for a transaction, select "no journal entry required" in the first account field.)

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Chapman company obtains 100 percent of abernethy company’s stock on january 1, 2014. as of that date...

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