3 Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit $ 56, 700 10 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) 4-year remaining life) polnts 43, 800 50, 000 Skipped 143, 000 80, 250 Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained eamings, 1/1/17 Supplies 250, 000 295, 000 110, 500 112, 000 eBook 171, 000 268, 750 11,900 796, 450 796, 450 Print Totals During 2017, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2018, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000. References Assume that Chapman Company acquired Abernethy's common stock for $675,790 in cash. Assume that the equipment and long-term liabilities had fair values of $316,300 and $137,960, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment. Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 7 8 9 > 1 2 3 4 5 6 Prepare entry S to eliminate stockholders' equity accounts of subsidiary