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 $ 57,600 $ 40,600 50,000 Cash and short-term investments 126,000 65,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 390,000 100,000 Land 110,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 187,500 306,850 Supplies Totals 19,600 $851,950 $ 851,950 During 2020, Abernethy reported net income of $108,500 while declaring and paying dividends of $14,000. During 2021, Abernethy reported net income of $139,750 while declaring and paying dividends of $54,000. Assume that Chapman Company acquired Abernethy's common stock for $711,320 in cash. Assume that the equipment and long-term liabilities had fair values of $411,450 and $155,580, 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.)