Assume that Chapman Company acquired Abernethy's common stock for $745,990 in cash. Assume that the equipment and long-term liabilities had fair values of $431,600 and $140,860, 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 2 3 4 5 6 7 8 9 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Prey 4 of 4 ! 1 2 3 4 5 6 7 8 9 Prepare entry A to recognize allocations determined above in connection with acquisition-date fair values. Note: Enter debits before credits. Accounts Debit Credi Date December 31, 2017 Record entry Clear entry view consolidation hapte... Saved Help Save & Exit Sub Worksheet Entries