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 $ 55,100 $ 44,700 50,000 Buildings (net) (4-year remaining life) 163,000 Cash and short-term investments 83,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 207,500 122,000 Land 85,500 Long-term liabilities (mature 12/31/26) Retained earnings, 1/1/23 162,500 202,150 Supplies Totals 13,300 $ 719,750 $ 719,750 During 2023, Abernethy reported net income of $105,000 while declaring and paying dividends of $13,000. During 2024, Abernethy reported net income of $136,750 while declaring and paying dividends of $36,000. Assume that Chapman Company acquired Abernethy's common stock for $612,390 in cash. Assume that the equipment and long-term liabilities had fair values of $232,000 and $130,860, 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. No 1 Date Accounts December 31, 2023 Common stock - Abernethy Additional paid-in capital Retained earnings Investment in Abernethy Debit Credit 250,000 50,000 202,150 502,150 2 December 31, 2023 Goodwill 128,000 Investment in Abernethy 128,000 3 December 31, 2023 Equity in subsidiary earnings 105,000 Investment in Abernethy 105,000 4 December 31, 2023 No journal entry required 5 December 31, 2024 No journal entry required 6 December 31, 2024 Common stock - Abernethy 250,000 Additional paid-in capital 50,000 Retained earnings 294,150 Investment in Abernethy 594,150 7 December 31, 2024 Goodwill 128,000 Investment in Abernethy 128,000 8 December 31, 2024 Equity in subsidiary earnings Investment in Abernethy 136,750 136,750 9 December 31, 2024 No journal entry required