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 50,800 $ $ 48,200 50,000 161,000 81,750 250,000 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 242,500 135,500 129,500 167,000 297,350 16,700 5815,150 $ 115,150 During 2020, Abernethy reported net income of $90,000 while declaring and paying dividends of $11,000. During 2021. Abernethy reported net income of $134,750 while declaring and paying dividends of $34,000 Assume that Chapman Company acquired Abernethy's common stock for $694,850 in cash. As of January 1, 2020, Abernethy's land had a fair value of $140,700, its buildings were valued at $201,800, and its equipment was appraised at $217,250. 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.) Consolidation Worksheet Entries Prepare entry to convert parent's beginning retained earnings to full accrual basis. Consolidation Worksheet Entries 6 2 7 12 4 8 1 Prepare entry s to eliminate stockholders' equity accounts of subsidiary. e Habithafnre credits Consolidation Worksheet Entries 1 3 7 8 12 > Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. Consolidation Worksheet Entries Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method. Consolidation Worksheet Entries Prepare entry D to eliminate intra-entity dividend transfers. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry E to recognize current year amortization expense. Note: Enter debits before credits