Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2017. As of that date, Abernethy has the following trial balance:DebitCreditAccounts payable$55,100Accounts receivable$44,700Additional paid-in capital50,000Buildings (net) (4-year remaining life)163,000Cash and short-term investments83,750Common stock250,000Equipment (net) (5-year remaining life)207,500Inventory122,000Land85,500Long-term liabilities (mature 12/31/20)162,500Retained earnings, 1/1/17202,150Supplies13,300Totals$719,750$719,750During 2017, Abernethy reported net income of $105,000 while declaring and paying dividends of $13,000. During 2018, Abernethy reported net income of $136,750 while declaring and paying dividends of $36,000.Assume that Chapman Company acquired Abernethys 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.Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select

"No journal entry required" in the first account field.)