Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Debit Credit $ 59,500 $ 46,600 50,000 145,000 Cash and short-term investments 84,250 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 257,500 106,000 Land 129,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 151,000 273,050 Supplies Totals 15,200 $783,550 $ 783,550 S 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 by paying $705,050 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment. Prepare the 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.) view transaction list Consolidation Worksheet Entries < 1 2 3 8 11 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Date December 31, 2020 Accounts Debit Credit