Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit $ 56,700 $ 43,880 50,000 143,880 80,250 250, eee Accounts payable Accounts receivable Additional paid in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals 295, eee 118,5ee 112,080 171, eee 268,750 11,980 $ 796,450 $ 796,450 During 2020. Abernethy reported net income of $122.500 while declaring and paying dividends of $15.000. During 2021. Abernethy reported net income of $159.250 while declaring and paying dividends of $49.000. Assume that Chapman Company acquired Abernethy's common stock for $698.050 in cash. As of January 1, 2020. Abernethy's land had a fair value of $123.900, its buildings were valued at $219.400, and its equipment was appraised at $254.500. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2020. and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Answer is not complete. Accounts No Debit Credit 1 December 31, 204 No journal entry round 2 200 000 December 31, 204 Common stock-Aborothy Additional paid-n capital Ratinad eamings-11/20 Investment in Abemothy 50,000 268.750 568.750 123.900 December 31, 204 Land Buildings Goodwil Equipment OOOOOOOOOOOOO 4 December 31, 200 Equity in subsidiary Gamings Investment in Abemothy 5 15.000 December 31, 204 Investment in Abemothy Dividends declared 15.000 6 December 31, 20 Depreciation expense Equipment Buildings 7 December 21, 200 No journal entry moquired 250,000 December 31, 200 Common stock-Abomaty Additional paid-n capital Retained camings-1121 Investment in Abomaty 50,000 375.250 676.250 December 31, 204 Land Blidings Goodwil Equipment OOO OO OO Olololololololol 10 December 31, 200 Equity in subsidiary Gamings Investment in Abometry 11 49.000 December 31, 200 investment in Abomothy Dividends declared 49,000 12 December 31, 200 Depreciation expose Equipment Buildings