Chapman Company obtains $100$ percent of Abernethy Company$$s stock on January $1,2023.$ As of that date, Abernethy has the following trial balance:

Items Debit Credit

Accounts payable $-$ $ $59,900$

Accounts receivable $ $43,700-$

Additional paid$-$in capital $-50,000$

Buildings $($net$)(4-$year remaining life$)123,000-$

Cash and short$-$term investments $80,500-$

Common stock $-250,000$

Equipment $($net$)(5-$year remaining life$)270,000-$

Inventory $138,500-$

Land $118,500-$

Long$-$term liabilities $($mature $12/31/26)-175,000$

Retained earnings, $1/1/23-257,100$

Supplies $17,800-$

Totals $ $792,000$ $ $792,000$

During $2023,$ Abernethy reported net income of $$112,000$ while declaring and paying dividends of $$14,000.$ During $2024,$ Abernethy reported net income of $$163,250$ while declaring and paying dividends of $$54,000.$

Assume that Chapman Company acquired Abernethy$$s common stock for $$662,740$ in cash. Assume that the equipment and long$-$term liabilities had fair values of $$290,700$ and $$141,560,$ respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.

Required:

Prepare consolidation worksheet entries for December $31,2023,$ and December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.