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 $ 58,000 $ 40,200 50,000 170,000 Cash and short-term investments 66,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 372,500 109,500 Land 116,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 165,000 369,150 Supplies Totals 17,200 $892,150 $ 892,150 During 2020, Abernethy reported net income of $106,500 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $142,750 while declaring and paying dividends of $51,000. Assume that Chapman Company acquired Abernethy's common stock for $759,900 in cash. As of January 1, 2020, Abernethy's land had a fair value of $126,400, its buildings were valued at $211,600, and its equipment was appraised at $344,500. 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.) view transaction list Consolidation Worksheet Entries 1 2 3 4 5 6 7 8 12 > Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2020 Common stock-Abernethy 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/20 369,150 Investment in Abernethy 669,150 Record entry Clear entry view consolidation entries