Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2014. As of that date, Abernethy has the following trial balance: Debit Credit $ 50,800 $ 48,200 50,000 161,000 81,750 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year life) Cash and short-term investments Common stock Equipment (net) (5-year life) Inventory Land Long-term liabilities (mature 12/31/17) Retained earnings, 1/1/14 Supplies 250,000 242,500 135,500 129,500 167,000 297,350 16,700 Totals $ 815,150 $815,150 During 2014, Abernethy reported net income of $90,000 while declaring and paying dividends of $11,000. During 2015, Abernethy reported net income of $134,750 while declaring and paying dividends of $34,000. Assume that Chapman Company acquired Abernethy's common stock for $699,660 in cash. Assume that the equipment and long-term liabilities had fair values of $264,550 and $136,840, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment. Prepare consolidation worksheet entries for December 31, 2014, and December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidating Entries Debit Credit Date (1) Prepare entry S. December 31, 2014 (2) Prepare entry A. December 31, 2014 (3) Prepare entry 1. December 31, 2014 (4) Prepare entry E. December 31, 2014 (5) Prepare entry "C. December 31, 2015 (6) Prepare entry S. December 31, 2015 (7) Prepare entry A. December 31, 2015 (8) Prepare entry I. December 31, 2015 (9) Prepare entry E. December 31, 2015