Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2023. As of that date, Abernethy has the following trial balance:

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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 12/31/26). Retained earnings, 1/1/23.. Supplies Totals.. Debit $ 40,000 120,000 60,000 200,000 90,000 80,000 10,000 $600,000 Credit $ 50,000 50,000 250,000 150,000 100,000 $600,000