Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Cash and short-term investments Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Common stock Credit $ 50,900 $ 40,400 50,000 128,000 68,750 250,000 Equipment (net) (5-year remaining life) 407,500 Inventory Land 119,000 82,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 171,500 338,850 Supplies 15,600 Totals $861,250 $ 861,250 During 2020, Abernethy reported net income of $124,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $164,750 while declaring and paying dividends of $60,000. Assume that Chapman Company acquired Abernethy's common stock for $756,500 in cash. As of January 1, 2020, Abernethy's land had a fair value of $93,100, its buildings were valued at $194,800, and its equipment was appraised at $366,250. 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.) view transaction list Consolidation Worksheet Entries > 1 .... 4 5 6 7 8 9 12 Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Accounts payable Accounts receivable Additional paid-in capital Credit $ 50,900 $ 40,400 50,000 Buildings (net) (4-year remaining life) 128,000 Cash and short-term investments 68,750 Common stock 250,000 Equipment (net) (5-year remaining life) 407,500 Inventory 119,000 Land 82,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 171,500 338,850 Supplies 15,600 Totals $861,250 $ 861,250 During 2020, Abernethy reported net income of $124,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $164,750 while declaring and paying dividends of $60,000. Assume that Chapman Company acquired Abernethy's common stock for $756,500 in cash. As of January 1, 2020, Abernethy's land had a fair value of $93,100, its buildings were valued at $194,800, and its equipment was appraised at $366,250. 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.) view transaction list Consolidation Worksheet Entries < 1 ... 5 6 7 8 9 10 12 > Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. Note: Enter debits before credits.