Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 58,900 Accounts receivable $ 41,500 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 211,000 Cash and short-term investments 70,750 Common stock 250,000 Equipment (net) (5-year remaining life) 430,000 Inventory 139,000 Land 121,500 Long-term liabilities (mature 12/31/23) 174,000 Retained earnings, 1/1/20 498,450 Supplies 17,600 Totals $ 1,031,350 $ 1,031,350 During 2020, Abernethy reported net income of $120,000 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $170,000 while declaring and paying dividends of $48,000. Assume that Chapman Company acquired Abernethys common stock for $902,200 in cash. As of January 1, 2020, Abernethys land had a fair value of $133,000, its buildings were valued at $277,000, and its equipment was appraised at $393,500. 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.) Entries: 1. Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. 2. Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 3. Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. 4. Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method. 5. Prepare entry D to eliminate intra-entity dividend transfers. 6. Prepare entry E to recognize current year amortization expense. 7. Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. 8. Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021. 9. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. 10. Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. 11. Prepare entry D to eliminate intra-entity dividend transfers. 12. Prepare entry E to recognize current year amortization expense.