Debit $ 40,200 ped 170,000 Cash and short-term investments Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Credit $ 58,000 50,000 66,750 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 372,500 109,500 ok Land 116,000 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 165,000 369,150 ht Supplies Totals 17,200 $892,150 $ 892,150 ] nces During 2020, Abernethy reported net income of $106,500 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $142,750 while declaring and paying dividends of $51,000. Assume that Chapman Company acquired Abernethy's common stock for $782,250 in cash. Assume that the equipment and long- term liabilities had fair values of $396,100 and $131,400, respectively, on the acquisition date. Chapman uses the initial value method to account for its 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.) view transaction list Consolidation Worksheet Entries < 1 2 3 5 6 7 8 9 > Prepare entry S to eliminate stockholders' equity accounts of subsidiary. Note: Enter debits before credits. Date December 31, 2020 Accounts Debit Credit