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				$	50,300
Accounts receivable	$	47,500
Additional paid-in capital					50,000
Buildings (net) (4-year remaining life)		201,000
Cash and short-term investments		61,750
Common stock					250,000
Equipment (net) (5-year remaining life)		447,500
Inventory		127,500
Land		124,000
Long-term liabilities (mature 12/31/23)					162,000
Retained earnings, 1/1/20					514,850
Supplies		17,900
Totals	$	1,027,150		$	1,027,150

During 2020, Abernethy reported net income of $97,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $141,250 while declaring and paying dividends of $48,000.

Assume that Chapman Company acquired Abernethys common stock for $933,200 in cash. As of January 1, 2020, Abernethys land had a fair value of $137,700, its buildings were valued at $255,400, and its equipment was appraised at $420,750. 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.)

No	Date	Accounts	Debit	Credit
1	December 31, 2020	No journal entry required
2	December 31, 2020	Common stockAbernethy	250,000
		Additional paid-in capital	50,000
		Retained earnings1/1/20	514,850
		Investment in Abernethy		814,850
3	December 31, 2020	Land	13,700
		Buildings	54,400
		Goodwill	77,000
		Equipment		26,750
		Investment in Abernethy		118,350
4	December 31, 2020	Equity in subsidiary earnings	88,750
		Investment in Abernethy		88,750
5	December 31, 2020	Investment in Abernethy	12,000
		Dividends declared		12,000
6	December 31, 2020	Depreciation expense	8,250
		Equipment	5,350
		Buildings		13,600
7	December 31, 2021	No journal entry required
8	December 31, 2021	Common stockAbernethy	250,000
		Additional paid-in capital	50,000
		Retained earnings1/1/21	?
		Investment in Abernethy		?
9	December 31, 2021	Land	13,700
		Buildings	40,800
		Goodwill	77,000
		Equipment		?
		Investment in Abernethy		?
10	December 31, 2021	Equity in subsidiary earnings	133,000
		Investment in Abernethy		133,000
11	December 31, 2021	Investment in Abernethy	48,000
		Dividends declared		48,000
12	December 31, 2021	Depreciation expense	8,250
		Equipment	5,350
		Buildings		13,600

Prepare entry S to eliminate stockholders' equity accounts of a subsidiary for 2021

Prepare entry A to recognize allocations attributed to specific accounts at the acquisition date for 2021