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 $ 54,100 $ 48,500 50,000 130,000 66,000 25e,eee V Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining 11 fe) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/91/23) Retained earnings, 1/1/20 Supplies Totals 437,500 109,000 89, eae 178, see 358,800 11.400 $891,40e $ 891,480 During 2020, Abernethy reported net Income of $126,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $174.000 while declaring and paying dividends of $49,000 Assume that Chapman Company acquired Abernethy's common stock for $773,550 in cash. As of January 1, 2020. Abernethy's land had a fair value of $104,200. its buildings were valued at $208.800, and its equipment was appraised at $396,500. 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 cransaction/event, select "No Journal entry requlred" In the first account field.) view transaction list Consolidation worksheet Entries 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 $ 54,100 $ 48,500 50,000 130,000 66,000 25e,eee V Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining 11 fe) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/91/23) Retained earnings, 1/1/20 Supplies Totals 437,500 109,000 89, eae 178, see 358,800 11.400 $891,40e $ 891,480 During 2020, Abernethy reported net Income of $126,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $174.000 while declaring and paying dividends of $49,000 Assume that Chapman Company acquired Abernethy's common stock for $773,550 in cash. As of January 1, 2020. Abernethy's land had a fair value of $104,200. its buildings were valued at $208.800, and its equipment was appraised at $396,500. 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 cransaction/event, select "No Journal entry requlred" In the first account field.) view transaction list Consolidation worksheet Entries