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 $ 59,300 $ 44,300 50,000 137,000 Cash and short-term investments 73,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 262,500 126,500 Land 100,500 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 176,000 227,850 Supplies Totals 18,600 $763,150 $ 763,150 During 2020, Abernethy reported net income of $96,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $141,000 while declaring and paying dividends of $45,000. Assume that Chapman Company acquired Abernethy's common stock by paying $670,850 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment. Prepare the 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 Answer is not complete. Accounts Date December 31, 202 Common stock-Abernethy Additional paid-in capital-Abernethy Retained earnings-Abernethy-1/1/20 Investment in Abernethy Debit 250,000 50,000 227,850 Credit 527,850 2 December 31, 202 Goodwill Investment in Abernethy 3 4 December 31, 202 Equity in subsidiary earnings Investment in Abernethy December 31, 202 Investment in Abernethy Dividends declared 5 December 31, 202 No journal entry required 6 December 31, 202 No journal entry required 7 December 31, 202| Common stock-Abernethy Additional paid-in capital-Abernethy Retained earnings-Abernethy-1/1/21 Investment in Abernethy 8 December 31, 202 Goodwill Investment in Abernethy 9 10 December 31, 202 Equity in subsidiary earnings Investment in Abernethy December 31, 202] Investment in Abernethy Dividends declared 11 December 31, 202 No journal entry required 0000 00 00 00 00 0000 00 00 00 0 107.710x 107,710 x