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 $ 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 $714,650 in cash. As of January 1, 2020, Abernethy's land had a fair value of $139,200, its buildings were valued at $262,000, and its equipment was appraised at $218,000. 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.) No 1 Date December 31, 202 No journal entry required Answer is not complete. Accounts Debit Credit 2 December 31, 202 Common stock-Abernethy 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/20 279,200 Investment in Abernethy 579,200 3 December 31, 202 Goodwill Investment in Abernethy 192,000 192,000 4 December 31, 202 Equity in subsidiary earnings 120,500 Investment in Abernethy 120,500 5 December 31, 202 Investment in Abernethy Dividends declared 15,000 15,000 6 December 31, 202 No journal entry required 7 December 31, 202 No journal entry required 8 December 31, 202 Common stock-Abernethy 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/21 384,700 Investment in Abernethy 684,700 9 December 31, 202 Goodwill Investment in Abernethy 10 December 31, 202 Equity in subsidiary earnings Investment in Abernethy 120,500 120,500 192,000 192,000 11 December 31, 202 Investment in Abernethy Dividends declared 12 December 31, 202 No journal entry required 40,000 40,000