Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2014. As of that date, Abernethy has the following trial balance:

	Debit		Credit
Accounts payable				$	57,600
Accounts receivable	$	40,600
Additional paid-in capital					50,000
Buildings (net) (4-year life)		126,000
Cash and short-term investments		65,750
Common stock					250,000
Equipment (net) (5-year life)		390,000
Inventory		100,000
Land		110,000
Long-term liabilities (mature 12/31/17)					187,500
Retained earnings, 1/1/14					306,850
Supplies		19,600
Totals	$	851,950		$	851,950

During 2014, Abernethy reported netincome of $108,500 while declaring andpaying dividends of $14,000. During 2015, Abernethy reported netincome of $139,750 while declaring andpaying dividends of $54,000.

Assume that Chapman Company acquired Abernethys common stock for $711,320 in cash. Assume that the equipment and long-term liabilities had fair values of $411,450 and $155,580, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.

Prepare consolidation worksheet entries for December 31, 2014, and December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)