Saved 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 $ 53, 700 Accounts receivable $ 41, 060 Additional paid-in capital 50 060 Buildings (net) (4-year remaining life) 184,000 Cash and short-term investments 77, 250 Common stock 250, 000 Equipment (net) (5-year remaining life) 400,000 Inventory 117, 500 Land 107, 500 Long-term liabilities (mature 12/31/23) 173,060 Retained earnings, 1/1/20 417,450 Supplies 16,900 Totals $944, 150 $ 944, 150 During 2020, Abernethy reported net income of $98,000 while declaring and paying dividends of $12.000. During 2021, Abernethy reported net income of $128,250 while declaring and paying dividends of $39,000. Assume that Chapman Company acquired Abernethy's common stock for $851,300 in cash. As of January 1, 2020, Abernethy's land had a fair value of $124,200, its buildings were valued at $254,400, and its equipment was appraised at $378,500. 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.) view transaction list X Prepare entry -C to convert parent's beginning retained earnings to full accrual basis. 12 2 Prepare entry S to eliminate stockholders' equity accounts of subsidiary. 3 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill. Credit Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method.