Aa 30 Debit Credit Accounts payable $ 50,000 Accounts receivable $ 40,000 Additional paid in capital 50,000 Buildings (net) (4 year remaining life) 120,000 Cash and short-term investments 60.000 Common stock 250.000 Equipment (net) (5 year remaining life) 200,000 Inventory 90,000 Land 80,000 Long term liabilities (mature 12/31/23) 150.000 Retained earnings. 1/1/20 100,000 Supplies 10.000 Totals $600,000 $600.000 During 2020, Abernetly reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021. Abernethy reported net income of S110,000 while declaring and paying dividends of $30,000, LO 330 19. Assume that Chapman Company acquired Abernethy's common stock for $490.000 in cash. As of January 1, 2020. 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, 2020, and December 31, 2021. Aa 30 Debit Credit Accounts payable $ 50,000 Accounts receivable $ 40,000 Additional paid in capital 50,000 Buildings (net) (4 year remaining life) 120,000 Cash and short-term investments 60.000 Common stock 250.000 Equipment (net) (5 year remaining life) 200,000 Inventory 90,000 Land 80,000 Long term liabilities (mature 12/31/23) 150.000 Retained earnings. 1/1/20 100,000 Supplies 10.000 Totals $600,000 $600.000 During 2020, Abernetly reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021. Abernethy reported net income of S110,000 while declaring and paying dividends of $30,000, LO 330 19. Assume that Chapman Company acquired Abernethy's common stock for $490.000 in cash. As of January 1, 2020. 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, 2020, and December 31, 2021