• Prepare entry *C to convert parent's beginning retained earnings to full accrual basis.
• Prepare entry S to eliminate stockholders' equity accounts of subsidiary.
• Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill.
• Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method.
• Prepare entry D to eliminate intra-entity dividend transfers.
• Prepare entry E to recognize current year amortization expense.
• Prepare entry *C to convert parent's beginning retained earnings to full accrual basis.
• Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021.
• Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021.
• Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method.
• Prepare entry D to eliminate intra-entity dividend transfers.
• Prepare entry E to recognize current year amortization expense.

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 Accounts payable $50,000 Accounts receivable $ 40,000 Additional paid in capital 50,000 Buildings (net) (4-year remaining life) Cash and short-term investments 120,000 60,000 250,000 Eu peent (net) (5-year remaining 1148) 200,000 Inventory 90,000 80,000 Long-term abilities (nature 12/31/23) 150,000 Retained earnings, 1/1/20 100,000 Supplies Totals $600,000 $60,000 10.000 During 2020. Abernethy reported net income of $80.000 whille 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.)