Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2023. As of that date, Abernethy has the following trial balance:

Items	Debit	Credit
Accounts payable	-	$ 51,500
Accounts receivable	$ 46,500	-
Additional paid-in capital	-	50,000
Buildings (net) (4-year remaining life)	190,000	-
Cash and short-term investments	67,750	-
Common stock	-	250,000
Equipment (net) (5-year remaining life)	442,500	-
Inventory	107,000	-
Land	93,500	-
Long-term liabilities (mature 12/31/26)	-	166,500
Retained earnings, 1/1/23	-	448,250
Supplies	19,000	-
Totals	$ 966,250	$ 966,250

During 2023, Abernethy reported net income of $99,000 while declaring and paying dividends of $12,000. During 2024, Abernethy reported net income of $151,250 while declaring and paying dividends of $53,000.

Assume that Chapman Company acquired Abernethys common stock for $866,800 in cash. As of January 1, 2023, Abernethys land had a fair value of $110,900, its buildings were valued at $232,400, and its equipment was appraised at $418,250. Chapman uses the equity method for this investment.

Required:

Prepare consolidation worksheet entries for December 31, 2023, and December 31, 2024.

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Consolidation Worksheet Entries Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2024. Consolidation Worksheet Entries Prepare entry A to recognize allocations attributed to specific accounts at acquisition date. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C to convert parent's beginning retained earnings to full accrual basis. Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: During 2023, Abernethy reported net income of $99,000 while declaring and paying dividends of $12,000. During 2024, Abernethy reported net income of $151,250 while declaring and paying dividends of $53,000. Assume that Chapman Company acquired Abernethy's common stock for $866,800 in cash. As of January 1, 2023, Abernethy's land had a fair value of $110,900, its buildings were valued at $232,400, and its equipment was appraised at $418,250. Chapman uses the equity method for this investment. Required: Prepare consolidation worksheet entries for December 31, 2023, and December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Prepare entry C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry E to recognize current year amortization expense. Consolidation Worksheet Entries 1 6 7 Prepare entry I to eliminate the subsidiary income accrual recognized by the parent. Consolidation Worksheet Entries Prepare entry D to eliminate intra-entity dividend transfers. Consolidation Worksheet Entries Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry E to recognize current year amortization expense. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & \multicolumn{2}{|c|}{ Accounts } & Debit & Credit \\ \hline \multirow[t]{4}{*}{1} & December 31, 2023 & Additional paid-in capital & & 50,000 & \\ \hline & & Common stock - Abernethy & x & 250,000 & \\ \hline & & Retained earnings & & 448,250 & \\ \hline & & Investment in Abernethy & x & & 748,250 \\ \hline \multirow[t]{2}{*}{2} & December 31, 2023 & Goodwill & & 199,000 & \\ \hline & & Investment in Abernethy & & & 199,000 \\ \hline \multirow[t]{2}{*}{3} & December 31, 2023 & Equity in subsidiary earnings & x & 99,000 & \\ \hline & & Investment in Abernethy & x & & 99,000 \\ \hline \multirow[t]{2}{*}{4} & December 31, 2023 & Investment in Abernethy & & 12,000 & \\ \hline & & Dividends declared & x & & 12,000 \\ \hline 5 & December 31, 2023 & No journal entry required & & & \\ \hline 6 & December 31, 2023 & No journal entry required & x & & \\ \hline \multirow[t]{4}{*}{7} & December 31, 2024 & Additional paid-in capital & x & 50,000 & \\ \hline & & Common stock - Abernethy & & 250,000 & \\ \hline & & Retained earnings & x & 535,250 & \\ \hline & & Investment in Abernethy & x & & 835,250 \\ \hline \multirow[t]{2}{*}{8} & December 31, 2024 & Goodwill & & 199,000 & \\ \hline & & Investment in Abernethy & x & & 199,000 \\ \hline \multirow[t]{2}{*}{9} & December 31, 2024 & Equity in subsidiary earnings & x & 151,250 & \\ \hline & & Investment in Abernethy & x & & 151,250 \\ \hline \multirow[t]{2}{*}{10} & December 31, 2024 & Investment in Abernethy & & 53,000 & \\ \hline & & Dividends declared & x & & 53,000 \\ \hline \end{tabular} Consolidation Worksheet Entries 67 Prepare entry D to eliminate intra-entity dividend transfers. Consolidation Worksheet Entries 1. 5 6 7 8 12 Prepare entry I to eliminate the subsidiary income accrual recognized by the parent. Consolidation Worksheet Entries Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2024