Chapman Company obtains 100 percent of Abernethy Company's stock on January 1,2020 . As of that date, Abernethy has the following trlal balance: During 2020, Abernethy reported net income of $98,500 while declaring and payIng dividends of $12,000. During 2021, Abernethy reported net income of $132,250 while declaring and paying dividends of $48,000. Assume that Chapman Company acquired Abernethy's common stock for $699,850 in cash. As of January 1, 2020, Abernethy's land had a falr value of $141,400, Its bulldings were valued at $217,400, and Its equipment was appraised at $217,500. Chapman uses the equity method for this Investment. Prepare consolidation worksheet entrles for December 31,2020 , and December 31 , 2021. (If no entry Is required for a transactlon/event, select "No journal entry requlred" In the first account fleld.) Prepare entry C to convert parent's beginning retained earnings to full accrual basis. 2 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 3 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. 4 Prepare entry 1 to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method. 5 Prepare entry D to eliminate intra-entity dividend transfers. 6 Prepare entry E to recognize current year amortization expense. 7 Prepare entry C to convert parent's beginning retained earnings to full accrual basis. 8 Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021 . 9 Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. 10 Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. 11 Prepare entry D to eliminate intra-entity dividend transfers. 12 Prepare entry E to recognize current year amortization expense