Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2014. As of that date, Abernethy has the following trial balance:

	Debit			Credit
Accounts payable				$	50,800
Accounts receivable	$	48,200
Additional paid-in capital					50,000
Buildings (net) (4-year life)		161,000
Cash and short-term investments		81,750
Common stock					250,000
Equipment (net) (5-year life)		242,500
Inventory		135,500
Land		129,500
Long-term liabilities (mature 12/31/17)					167,000
Retained earnings, 1/1/14					297,350
Supplies		16,700
Totals	$	815,150		$	815,150

During 2014, Abernethy reported net income of $90,000 while declaring and paying dividends of $11,000. During 2015, Abernethy reported net income of $134,750 while declaring and paying dividends of $34,000.

Assume that Chapman Company acquired Abernethys common stock for $694,850 in cash. As of January 1, 2014, Abernethys 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, 2014, and December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)