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				$	52,800
Accounts receivable	$	49,500
Additional paid-in capital					50,000
Buildings (net) (4-year remaining life)		174,000
Cash and short-term investments		84,000
Common stock					250,000
Equipment (net) (5-year remaining life)		315,000
Inventory		137,500
Land		90,500
Long-term liabilities (mature 12/31/23)					188,500
Retained earnings, 1/1/20					323,600
Supplies		14,400
Totals	$	864,900		$	864,900

During 2020, Abernethy reported net income of $129,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $176,000 while declaring and paying dividends of $38,000.

Assume that Chapman Company acquired Abernethys common stock for $731,110 in cash. Assume that the equipment and long-term liabilities had fair values of $338,650 and $156,340, respectively, on the acquisition date. Chapman uses the initial value method to account for its 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.)