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 receivable Accounts payable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Credit $ 58,300 $ 43,500 50,000 210,000 83,250 Common stock 250,000 Equipment (net) (5-year remaining life) 417,500 Inventory 95,000 Land 103,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 163,000 445,850 Supplies Totals 14,900 $967,150 $ 967,150 During 2020, Abernethy reported net income of $122,000 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $175,000 while declaring and paying dividends of $55,000. Assume that Chapman Company acquired Abernethy's common stock for $877,650 in cash. As of January 1, 2020, Abernethy's land had a fair value of $116,200, its buildings were valued at $285,600, and its equipment was appraised at $391,750. 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.) Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Date December 31, 2020 Accounts Debit Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Date December 31, 2021 Accounts Debit Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021. December 31, 202 Common stock-Abernethy Additional paid-in capital Retained earnings-1/1/21 Investment in Abernethy 250,000 50,000 445,890 745,850