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 $ 50,000 $ 40,000 50,000 120,000 60,000 250,000 Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining 110) Cash and short-term investimenta Common stock Equipment (net) (5 year remaining lito) Inventory Land Long-term liabilities (mature 12/31/23) Ratained earnings, 1/1/20 Supplies Totals 200,000 90,000 80,000 150,000 100,000 10,000 $600,000 5 600,000 During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021. Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000, Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 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 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.) 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 $ 50,000 $ 40,000 50,000 120,000 60,000 250,000 Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining 110) Cash and short-term investimenta Common stock Equipment (net) (5 year remaining lito) Inventory Land Long-term liabilities (mature 12/31/23) Ratained earnings, 1/1/20 Supplies Totals 200,000 90,000 80,000 150,000 100,000 10,000 $600,000 5 600,000 During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021. Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000, Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 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 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.)