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) Cash and short-term investments Debit Credit $51,900 $ 43,100 50,000 175,000 75,500 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 439,500 127,000 Land 116,500 Long-term liabilities (mature 12/31/23) 170,500 Retained earnings, 1/1/20 Supplies Totals 464,900 10,200 $987, 300 $ 987,300 During 2020, Abernethy reported net income of $87,000 while declaring and paying dividends of $11,000. During 2021, Abernethy reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $877,890 in cash. Assume that the equipment and long-term liabilities had fair values of $464,050 and $137,860, respectively, on the acquisition date. Chapman uses the initial value method to account for its 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.) Answer is not complete. No Date Accounts Debit Credit 1 December 31, 202 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/20 464,900 Investment in Abernethy 764,900 2 December 31, 202 Equipment 24,550 Goodwill 62,000 Long-term liabilities i 32,640 Investment in Abemethy 3 December 31, 202 Dividend income Dividends declared 11,000 11,000 4 5 December 31, 202 Depreciation expense Interest expense Long-term liabilities Equipment December 31, 202 Investment in Abernethy Retained earnings-1/1/21 6 December 31, 202 Common stock-Abernethy Additional paid-in capital Retained earnings-1/1/21 Investment in Abernethy 7 December 31, 202 Equipment 8 9 Long-term liabilities Goodwill Investment in Abernethy December 31, 202 Dividend income Dividends declared December 31, 202 Depreciation expense Interest expense Equipment Long-term liabilities 0000 00 0000 0000 00 0000 250,000 50,000 540,900 840,900 28,600 62,000 10,050 7,150 17,200