Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2017 As of that date, Abernethy has the ollowing trial balance: $ 59,500 Aecounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term Investments Common stock Equipment (net) (5-year renaining life) Investory Land 46,600 50,000 145,000 84,250 250,000 257,500 106,000 129,000 Long-term liabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies 151,000 273,050 5,200 Totals $783,550 783,550 Abernethy reported net income of $98,500 while deciaring and paying dividends of $12.000 During 2018, Abernethy reported net income of $132 250 while declaring and paying dividends of $48,000 Assume that Chapman Company acquired Abernethy's common stock for $675,380 in term liabilities had fair values of $278,850 and $120,920, respectively, to account for its investment n cash. Assume that the equipment and long on the acquisition date. Chapman uses the initial value method Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (f no entry is required for a ransaction/event, select "No journal entry required" in the first account field.) view transaction Ist Consolidation Worksheet Entries Prepare entry S to eliminate stockholders' equity accounts of subsidiary Note: Enter debits before credits Date December 31, 2017 DebitCredit Record entry Clear entry view consolidation entries