Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Accounts receivable Accounts payable Additional paid-in capital Credit $ 52,800 $ 49,500 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) Inventory 315,000 137,500 Land 90,500 Long-term liabilities (mature 12/31/26) 188,500 Retained earnings, 1/1/23 Supplies 323,600 14,400 Totals $ 864,900 $ 864,900 During 2023, Abernethy reported net income of $129,000 while declaring and paying dividends of $16,000. During 2024, Abernethy reported net income of $176,000 while declaring and paying dividends of $38,000. Assume that Chapman Company acquired Abernethy's 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. 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.