Thank you for the help in advance.

Please note that this is one entire question

Consolidation Worksheet entries

1.Prepare entry S to eliminate stockholders' equity accounts of subsidiary.

2.Prepare entry A to recognize allocations in connection with acquisition-date fair values.

3.Prepare entry I to eliminate intra-entity dividends.

4. Prepare entry E to recognize 2020 amortization expense.

5. Prepare entry *C to convert parent company figures to equity method.

6. Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021.

7. Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021.

8. Prepare entry I to eliminate intra-entity dividends.

9. Prepare entry E to recognize 2021 amortization expense.

Problem 3-20 (Algo) (LO 3-3b) 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 $ 50,900 $ 40,400 50,000 128,000 68,750 250,000 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining life) Cash and short-term investments Common stock Equipment (net) (5-year remaining life) Inventory Land Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies Totals 407,500 119,000 82,000 171,500 338,850 15,600 $861,250 $ 861,250 During 2020, Abernethy reported net income of $124,000 while declaring and paying dividends of $16,000. During 2021, Abernethy reported net income of $164,750 while declaring and paying dividends of $60,000. Assume that Chapman Company acquired Abernethy's common stock for $745,990 in cash. Assume that the equipment and long- term liabilities had fair values of $431,600 and $140,860, respectively, on the acquisition date. 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.)