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need help asap following trial balance: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has

need help asap

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following trial balance: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the Debit Credit Accounts payable $ 59,900 Accounts receivable $ 43,700 Additional paid-in capital 50,090 Buildings (net) (4-year remaining life) 123, 090 Cash and short-term investments 80 , 500 Common stock 250, 900 Equipment (net) (5-year remaining life) 270,060 Inventory 138, 500 Land 118, 500 Long-term liabilities (mature 12/31/23) 175, 090 Retained earnings, 1/1/20 257 , 160 Supplies 17, 800 Totals $792, 906 $ 792,090 During 2020, Abernethy reported net income of $112,000 while declaring and paying dividends of $14,000. During 2021, Abernethy reported net income of $163,250 while declaring and paying dividends of $54,000. Assume that Chapman Company acquired Abernethy's common stock for $662,740 in cash. Assume that the equipment and long- term liabilities had fair values of $290,700 and $141,560, 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

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