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) Credit $ 51,500 $ 46,500 50,000 190,000 Cash and short-term investments 67,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 442,500 107,000 Land 93,500 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 166,500 448,250 Supplies Totals 19,000 $966,250 $ 966,250 During 2020, Abernethy reported net income of $99,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $151,250 while declaring and paying dividends of $53,000. Assume that Chapman Company acquired Abernethy's common stock for $855,330 in cash. Assume that the equipment and long- term liabilities had fair values of $464,600 and $134,620, 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.) view transaction list Consolidation Worksheet Entries 1 2 3 4 5 6 7 8 9 > Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Date December 31, 2020 Accounts Debit Credit view consolidation entries Record entry Clear entry