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Assume that Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1, 2009, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2009, and December 31, 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976481

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