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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 $ 51,500 $ 46,500 50,000 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 190,000 67,750 250,000 442,500 107,000 93,500 Land 166,500 448,250 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals 19,000 $966,250 $ 966,250 During 2020, Abernethy reported net income of $99,000 while declaring and paying dividends of $12,000. During 2021, Abernethy reported net income of $151,250 while declaring and paying dividends of $53,000. Assume that Chapman Company acquired Abernethy's common stock for $866,800 in cash. As of January 1, 2020, Abernethy's land had a fair value of $110,900, its buildings were valued at $232,400, and its equipment was appraised at $418,250. 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.) Consolidation Worksheet Entries 2 3 4 5 6 7 8 12 > Prepare entry *c to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2020 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry *C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2021 Record entry Clear entry view consolidation entries