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

following trial balance:

During $2023,$ Abernethy reported net income of $$117,500$ while declaring and paying dividends of $$15,000.$ During $2024,$ Abernethy

reported net income of $$171,250$ while declaring and paying dividends of $$55,000.$

Assume that Chapman Company acquired Abernethy's common stock for $$816,280$ in cash. Assume that the equipment and long$-$term

liabilities had fair values of $$396,950$ and $$140,720,$ respectively, on the acquisition date. Chapman uses the initial value method

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.