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 Credit Accounts payable $ 56, 700 Accounts receivable $ 43, 800 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 143,000 Cash and short-term investments 80 , 250 Common stock 250,000 Equipment (net) (5-year remaining life) 295,000 Inventory 110,500 Land 112, 000 Long-term liabilities (mature 12/31/23) 171,000 Retained earnings, 1/1/20 268, 750 Supplies 11, 900 Totals $796, 450 $ 796, 450 During 2020, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000. Assume that Chapman Company acquired Abernethy's common stock for $698,050 in cash. As of January 1, 2020, Abernethy's land had a fair value of $123,900, its buildings were valued at $219,400, and its equipment was appraised at $254,500. 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.)