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 $-$ $ $52,800$

Accounts receivable $ $49,500-$

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

Buildings $($net$)(4-$year remaining life$)174,000-$

Cash and short$-$term investments $84,000-$

Common stock $-250,000$

Equipment $($net$)(5-$year remaining life$)315,000-$

Inventory $137,500-$

Land $90,500-$

Long$-$term liabilities $($mature $12/31/26)-188,500$

Retained earnings, $1/1/23-323,600$

Supplies $14,400-$

Totals $ $864,900$ $ $864,900$

During $2023,$ Abernethy reported net income of $$129,000$ while declaring and paying dividends of $$16,000.$ During $2024,$ Abernethy reported net income of $$176,000$ while declaring and paying dividends of $$38,000.$

Assume that Chapman Company acquired Abernethy$$s common stock for $$731,110$ in cash. Assume that the equipment and long$-$term liabilities had fair values of $$338,650$ and $$156,340,$ 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 Prepare entry S to eliminate stockholders' equity accounts of subsidiary.

Prepare entry A to recognize allocations in connection with acquisition$-$date fair values.

Prepare entry I to eliminate the subsidiary income accrual recognized by the parent.

Prepare entry E to recognize $2023$ amortization expense.

Prepare entry $*$C to convert parent company figures to equity method.

Prepare entry S to eliminate stockholders' equity accounts of subsidiary for $2024.$

Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for $2024.$

Prepare entry I to eliminate the subsidiary income accrual recognized by the parent.

Prepare entry E to recognize $2024$ amortization expense.first account field.