Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date. Abernethy has the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Common stock Debit Credit $ 56,400 $ 43,900 50,000 217,000 Cash and short-term investments 76,750 250,000 Equipment (net) (5-year remaining life) Inventory 367,500 96,500 Land 122,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 182,500 396,250 Supplies Totals 11,500 $935,150 $ 935,150 Che During 2020, Abernethy reported net income of $103,500 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $145,250 while declaring and paying dividends of $47.000. Assume that Chapman Company acquired Abernethy's common stock for $800,660 in cash. Assume that the equipment and long- term liabilities had fair values of $390.450 and $151,340, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment