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Prepare the consolidation worksheet entries for december

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Reference no: EM132470806

Point 1: During 2017, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2018, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000.

Point 2: Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 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.

Question 1: Prepare the consolidation worksheet entries for December 31, 2017, and December 31, 2018.

Reference no: EM132470806

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