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

Items Debit Credit

Accounts payable $-$ $ $50,900$

Accounts receivable $ $40,400-$

Additional paid$-$in capital $-50,000$

Buildings $($net$)(4-$year remaining life$)128,000-$

Cash and short$-$term investments $68,750-$

Common stock $-250,000$

Equipment $($net$)(5-$year remaining life$)407,500-$

Inventory $119,000-$

Land $82,000-$

Long$-$term liabilities $($mature $12/31/26)-171,500$

Retained earnings, $1/1/23-338,850$

Supplies $15,600-$

Totals $ $861,250$ $ $861,250$

During $2023,$ Abernethy reported net income of $$124,000$ while declaring and paying dividends of $$16,000.$ During $2024,$ Abernethy reported net income of $$164,750$ while declaring and paying dividends of $$60,000.$

Assume that Chapman Company acquired Abernethy$$s common stock for $$756,500$ in cash. As of January $1,2023,$ Abernethy$$s land had a fair value of $$93,100,$ its buildings were valued at $$194,800,$ and its equipment was appraised at $$366,250.$ 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 transaction$/$event$,$ select $"$No journal entry required" in the first account field.