Check my 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 $ 50,000 $ 40,000 50,000 120,000 60,000 250,000 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 200,000 90,000 80,000 150,000 100,000 10,000 5600, eee $ 600,000 rences During 2020. Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000 During 2021. Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000. Assume that Chapman Company acquired Abernethy's common stock for $490.000 in cash. As of January 1 2020. Abernethy's land had a fair value of $90,000 its buildings were valued at $160,000, and its equipment was appraised at $180,000. 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.) onsolidation Norksheet Entries