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) Common stock Debit Credit $ 52,400 $ 48,600 50,000 179,000 Cash and short-term investments 61,250 250,000 Equipment (net) (5-year remaining life) 260,000 Inventory Land 121,500 105,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 174,500 264,650 Supplies Total 16, 200 $791,550 $ 791,550 During 2020, Abernethy reported net income of $86,000 while declaring and paying dividends of $11,000. During 2021, Abernethy reported net income of $124,500 while declaring and paying dividends of $47.000 Assume that Chapman Company acquired Abernethy's common stock for $691,000 in cash. As of January 1, 2020, Abernethy's land had a fair value of $118,100, its buildings were valued at $231,000, and its equipment was appraised at $239.000. 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.) Consolidation Worksheet Entries < 1 2 3 4 5 6. 7 8 12 14 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 Credit Record entry Clear entry view consolidation entries