Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals Debit $ 43,100 Credit $ 51,900 50,000 175,000 75,500 250,000 439,500 127,000 116,500 170,500 464,900 10,700 $987,300 $987,300 During 2020, Abernethy reported net income of $87,000 while declaring and paying dividends of $11,000. During 2021, Abernethy reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $873,250 in cash. As of January 1, 2020, Abernethy's land had a fair value of $129,800, its buildings were valued at $243,800, and its equipment was appraised at $403.750. Chapman uses the equity method for this investment.