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				$	54,200
Accounts receivable	$	42,900
Additional paid-in capital					50,000
Buildings (net) (4-year life)		192,000
Cash and short-term investments		73,500
Common stock					250,000
Equipment (net) (5-year life)		245,000
Inventory		99,000
Land		128,500
Long-term liabilities (mature 12/31/17)					160,000
Retained earnings, 1/1/14					279,200
Supplies		12,500
Totals	$	793,400		$	793,400

During 2014, Abernethy reported net income of $120,500 while declaring and paying dividends of $15,000. During 2015, Abernethy reported net income of $172,000 while declaring and paying dividends of $40,000.

Assume that Chapman Company acquired Abernethys common stock for $691,490 in cash. Assume that the equipment and long-term liabilities had fair values of $267,150 and $127,760, 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.)