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 50,500 $ 44,100 50,000 166,000 79, 250 250,000 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 292,500 100,500 128,000 188,000 288,850 17,000 $827,350 $ 827,350 During 2017, Abernethy reported net income of $103,000 while declaring and paying dividends of $13,000. During 2018, Abernethy reported net income of $144,250 while declaring and paying dividends of $58,000. Assume that Chapman Company acquired Abernethy's common stock for $692,830 in cash. Assume that the equipment and long- term liabilities had fair values of $313,100 and $156,920, respectively, on the acquisition date. Chapman uses the initial value method to account for its 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.)