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 Buildings (net) (4-year remaining life) Credit $ 54,200 $ 42,900 50,000 192,000 Cash and short-term investments 73,500 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 245,000 99,000 Land 128,500 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 160,000 279,200 Supplies Totals 12,500 $793,400 $ 793,400 During 2020, Abernethy reported net income of $120,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $172,000 while declaring and paying dividends of $40,000. Assume that Chapman Company acquired Abernethy's common stock for $691,490 in cash. Assume that the equipment and long-term liabilities had fair values of $267,150 and $127,760, 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.) No 1 Date December 31, 2020 Accounts Debit Credit Common stock-Abernethy Additional paid-in capital Retained earnings-1/1/20 Investment in Abernethy 2 December 31, 2020 Equipment 3 Long-term liabilities Goodwill Investment in Abernethy December 31, Dividend income 2020 Dividends declared 4 December 31, 2020 Depreciation expense Interest expense Equipment Long-term liabilities 5 December 31, 2021 Investment in Abernethy Retained earnings-1/1/20 December 31, 6 Common stock-Abernethy 2021 Additional paid-in capital Retained earnings-1/1/21 Investment in Abernethy 7 December 31, 2021 Equipment Long-term liabilities Goodwill Investment in Abernethy 8 December 31, 2021 Dividend income Dividends declared 6 December 31, 2021 Depreciation expense Interest expense Equipment