12 Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: 10 points Accounts payable Accounts receivable Debit Credit $ 55,300 $ 45,800 Additional paid-in capital Buildings (net) (4-year remaining life) 50,000 197,000 Cash and short-term investments 81,500 Common stock 250,000 Equipment (net) (5-year remaining life) 345,000 Inventory 124,500 Land 125,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 176,500 402,900 Supplies Totals 15,900 $934,700 $ 934,700 During 2020, Abernethy reported net income of $124,500 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $167,750 while declaring and paying dividends of $41,000. Assume that Chapman Company acquired Abernethy's common stock for $819,850 in cash. As of January 1, 2020, Abernethy's land had a fair value of $141,900, its buildings were valued at $251,800, and its equipment was appraised at $306,750. Chapman uses the equity method for this investment. Prepare consolidation 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.) Answer is not complete. Accounts No 1 Date December 31, 202 Common stock-Abernethy Additional paid-in capital Retained earnings-1/1/20 Investment in Abernethy Debit Credit 250,000x 50,000 402,900 x 702,900 3 December 31, 202 Equipment 23,400 x Goodwill 54,200 x Long-term liabilities 32,560 Investment in Abernethy 110,160 4 December 31, 202 Accounts receivable Dividends declared *