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 $ 57,600 $ 40, 680 50,000 126,eee 65,750 250,000 Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals 390, eee 100,000 110,000 187,5ee 306,850 19,680 $851,950 $ 851,950 During 2020. Abernethy reported net income of $108,500 while declaring and paying dividends of $14,000. During 2021. Abernethy reported net income of $139,750 while declaring and paying dividends of $54.000. Assume that Chapman Company acquired Abernethy's common stock for $719.200 in cash. As of January 1, 2020. Abemethy's land had a fair value of $122.700, its buildings were valued at $185,200, and its equipment was appraised at $353,250. 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.) Prepare entry *c to convert parent's beginning retained earnings to full accrual basis. Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method. Prepare entry D to eliminate intra-entity dividend transfers. Prepare entry E to recognize current year amortization expense. Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. Prepare entry s to eliminate stockholders' equity accounts of subsidiary for 2021. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021. Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. 10 Prepare entry D to eliminate intra-entity dividend transfers. 11 12 Prepare entry E to recognize current year amortization expense