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 $ 54,200 $ 42,900 50,000 192,000 73,500 250,000 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 245,000 99,000 128,500 160,000 279,200 12,500 $793,400 $ 793,400 During 2020, Abernethy reported net income of $120,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $172,000 while declaring and paying dividends of $40,000. Assume that Chapman Company acquired Abernethy's common stock by paying $771,200 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment. Prepare the 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.) X Answer is not complete. No Date Accounts Debit Credit 1 250,000 December 31, 202 Common stock-Abernethy Additional paid-in capitalAbernethy Retained earningsAbernethy1/1/20 Investment in Abernethy 50,000 279,200 579,200 2 December 31, 202 Land Buildings 10,700 70,000 X 81,750 X Goodwill Equipment Investment in Abernethy 27,000 X 135,450 X 3 108,400 December 31, 202 Equity in subsidiary earnings Investment in Abernethy 108,400 4 15,000 December 31, 202 Investment in Abernethy Dividends declared 15,000 Land E An Ann 5 December 31, 202 Depreciation expense Equipment Buildings 12,100 5,400 X 17,500 6 December 31, 202 No journal entry required 7 December 31, 202 Common stockAbernethy Additional paid-in capitalAbernethy Retained earningsAbernethy1/1/21 Investment in Abernethy 250,000 50,000 384,700 684,700 8 December 31, 202 Land Buildings 10,700 52,500 X 81,750 X Goodwill x Equipment Investment in Abernethy 21,600 X 123,350 X 9 159,900 X December 31, 202 Equity in subsidiary earnings Investment in Abernethy 159,900 9 159,900 December 31, 202 Equity in subsidiary earnings Investment in Abernethy 159,900 10 40,000 December 31, 202 Investment in Abernethy Dividends declared 40,000 11 X December 31, 202 Depreciation expense Equipment Buildings 12,100 X 5,400 X X 17,500