Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2020. As of that date, Abernethy has the following trial balance:

	Debit			Credit
Accounts payable				$	54,200
Accounts receivable	$	42,900
Additional paid-in capital					50,000
Buildings (net) (4-year remaining life)		192,000
Cash and short-term investments		73,500
Common stock					250,000
Equipment (net) (5-year remaining life)		245,000
Inventory		99,000
Land		128,500
Long-term liabilities (mature 12/31/23)					160,000
Retained earnings, 1/1/20					279,200
Supplies		12,500
Totals	$	793,400		$	793,400

During 2020, Abernethy reported net income of $120,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $172,000 while declaring and paying dividends of $40,000.

Assume that Chapman Company acquired Abernethys common stock for $714,650 in cash. As of January 1, 2020, Abernethys land had a fair value of $139,200, its buildings were valued at $262,000, and its equipment was appraised at $218,000. Chapman uses the equity method for this investment.

Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)