Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit 50,300 $ $ 47,500 50,000 201,000 61,750 250,000 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies Totals 447,500 127,500 124,000 162,000 514,850 17,900 $1,027,150 $1,027, 150 During 2017, Abernethy reported net income of $97,000 while declaring and paying dividends of $12,000. During 2018, Abernethy reported net income of $141,250 while declaring and paying dividends of $48,000. Assume that Chapman Company acquired Abernethy's common stock for $933,200 in cash. As of January 1, 2017, Abernethy's land had a fair value of $137,700, its buildings were valued at $255,400, and its equipment was appraised at $420,750. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date Accounts Debit Credit December 31, 2011 Common stock - Abernethy 250,000 Additional paid-in capital Retained earnings - 1/1/17 Investment in Abernethy 50,000 514,850 814,850 2 December 31, 201 Goodwill 104,980 X Investment in Abernethy 104,980 X 3 December 31, 201 Equity in Subsidiary earnings 97,000 Investment in Abernethy 97,000 X 4 December 31, 201 Investment in Abernethy 12,000 Dividends declared 12,000 5 December 31, 2011 Common stock - Abernethy Additional paid-in capital Retained earnings - 1/1/17 Investment in Abernethy Dividends declared 12,000 | 5 December 31, 201 Common stock - Abernethy Additional paid-in capital Retained earnings - 1/1/17 Investment in Abernethy 16 December 31, 201 Goodwill Investment in Abernethy | 7 December 31, 201 Equity in Subsidiary earnings Investment in Abernethy | 8 December 31, 201 Investment in Abernethy Dividends declared