Show me the steps to solve : Chapman Company obtains $100$ percent of Abernethy Company's stock on January $1,2023.$ As of that date. Abernethy has the $1$ Prepare entry $*$ C to convert parent's beginning retained

earnings to full accrual basis.

$2$ Prepare entry $S$ to eliminate stockholders' equity

accounts of subsidiary.

$3$ Prepare entry A to recognize allocations attributed to

specific accounts at acquisition date.

$4$ Prepare entry I to eliminate the subsidiary income

accrual recognized by the parent.

$5$ Prepare entry D to eliminate intra$-$entity dividend

transfers. $6$ Prepare entry E to recognize current year amortization

expense.

$7$ Prepare entry $*$C to convert parent's beginning retained

earnings to full accrual basis.

$8$ Prepare entry S to eliminate stockholders' equity

accounts of subsidiary for $2024.$

$9$ Prepare entry A to recognize allocations attributed to

specific accounts at acquisition date for $2024.$

$10$ Prepare entry I to eliminate the subsidiary income

accrual recognized by the parent. $11$ Prepare entry D to eliminate intra$-$entity dividend

transfers.

$12$ Prepare entry E to recognize current year amortization

expense.

following trial balance:

During $2023,$ Abernethy reported net income of $$120\mathrm{.}000$ while declaring and paying dividends of $$15\mathrm{.}000.$ During $2024,$ Abernethy

reported net income of $$170\mathrm{.}000$ while declaring and paying dividends of $$48,000.$

Assume that Chapman Company acquired Abernethy's common stock for $$902,200$ in cash. As of January $1,2023,$ Abernethy's land

had a fair value of $$133,000,$ its buildings were valued at $$277,000,$ and its equipment was appraised at $$393,500.$ Chapman uses the

equity method for this investment.

Required:

Prepare consolidation worksheet entries for December $31,2023,$ and December $31,2024.$

Note: If no entry is required for a transactlon$/$event$,$ select $"$No journal entry required" In the first account fleld.