• Prepare entry S to eliminate stockholders' equity accounts of subsidiary.
• Prepare entry A to recognize allocations in connection with acquisition-date fair values.
• Prepare entry I to eliminate intra-entity dividends.
• Prepare entry E to recognize 2020 amortization expense.
• Prepare entry *C to convert parent company figures to equity method.
• 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 intra-entity dividends.
• Prepare entry E to recognize 2021 amortization expense.

Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that dote, 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) 120,000 Cash and short-term investments 60,000 Common stock 250,000 Equipment (net) (5-year remaining life) 200,000 Inventory 90,000 80,000 Long-term liabilities (wature 12/31/23) 150,000 Retained earnings, 1/1/20 100,000 Supplies 10,000 Totals $600,000 $ 600,000 Land During 2020 Abernethy reported net income of $80.000 while 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 $500.000 in cash. Assume that the equipment and long- term liabilities had fair values of $220.000 and $120.000, respectively, on the acquisition dete. 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.)