Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017. As of that date, Abernethy has the following trial balance:

DebitCreditAccounts payable$58,000Accounts receivable$40,200Additional paid-in capital50,000Buildings (net) (4-yearremaining life)170,000Cash and short-term investments66,750Common stock250,000Equipment (net) (5-year remaining life)372,500Inventory109,500Land116,000Long-term liabilities (mature 12/31/20)165,000Retained earnings, 1/1/17369,150Supplies17,200Totals$892,150$892,150

During 2017, Abernethy reported net income of $106,500 while declaring and paying dividends of $13,000. During 2018, Abernethy reported net income of $142,750 while declaring and paying dividends of $51,000.

Assume that Chapman Company acquired Abernethy's common stock for $759,900 in cash. As of January 1, 2017, Abernethy's land had a fair value of $126,400, its buildings were valued at $211,600, and its equipment was appraised at $344,500. Chapman uses the equity method for this investment.

Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)