Penn Company obtains 100 percent of Abernethy Companys stock on January 1, 2014. As of that date, Abernethy has the following trial balance:

	Debit			Credit
Accounts payable				$	56,700
Accounts receivable	$	43,800
Additional paid-in capital					50,000
Buildings (net) (4-year life)		143,000
Cash and short-term investments		80,250
Common stock					250,000
Equipment (net) (5-year life)		295,000
Inventory		110,500
Land		112,000
Long-term liabilities (mature 12/31/17)					171,000
Retained earnings, 1/1/14					268,750
Supplies		11,900
Totals	$	796,450		$	796,450

During 2014, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2015, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000.

Assume that Penn Company acquired Abernethys common stock for $698,050 in cash. As of January 1, 2014, Abernethys land had a fair value of $123,900, its buildings were valued at $219,400, and its equipment was appraised at $254,500. Penn uses the equity method for this investment.

Prepare consolidation worksheet entries for December 31, 2014, and December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)