Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2020. As of that date, Abernethy has the following trial balance:

	Debit			Credit
Accounts payable				$	52,400
Accounts receivable	$	48,600
Additional paid-in capital					50,000
Buildings (net) (4-year remaining life)		179,000
Cash and short-term investments		61,250
Common stock					250,000
Equipment (net) (5-year remaining life)		260,000
Inventory		121,500
Land		105,000
Long-term liabilities (mature 12/31/23)					174,500
Retained earnings, 1/1/20					264,650
Supplies		16,200
Totals	$	791,550		$	791,550

During 2020, Abernethy reported net income of $86,000 while declaring and paying dividends of $11,000. During 2021, Abernethy reported net income of $124,500 while declaring and paying dividends of $47,000.

Assume that Chapman Company acquired Abernethys common stock for $691,000 in cash. As of January 1, 2020, Abernethys land had a fair value of $118,100, its buildings were valued at $231,000, and its equipment was appraised at $239,000. 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.)