Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that...

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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 Accounts receivable Accounts payable Additional paid-in capital Credit $ 59,900 $ 43,700 50,000 Buildings (net) (4-year remaining life) Cash and short-term investments 123,000 80,500 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 270,000 138,500 Land 118,500 Long-term liabilities (mature 12/31/26) 175,000 Retained earnings, 1/1/23 Supplies 257,100 Totals 17,800 $ 792,000 $ 792,000 During 2023, Abernethy reported net income of $112,000 while declaring and paying dividends of $14,000. During 2024, Abernethy reported net income of $163,250 while declaring and paying dividends of $54,000. Assume that Chapman Company acquired Abernethy's common stock by paying $686,100 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its Investment. Required: Prepare the 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. 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 Accounts receivable Accounts payable Additional paid-in capital Credit $ 59,900 $ 43,700 50,000 Buildings (net) (4-year remaining life) Cash and short-term investments 123,000 80,500 Common stock 250,000 Equipment (net) (5-year remaining life) Inventory 270,000 138,500 Land 118,500 Long-term liabilities (mature 12/31/26) 175,000 Retained earnings, 1/1/23 Supplies 257,100 Totals 17,800 $ 792,000 $ 792,000 During 2023, Abernethy reported net income of $112,000 while declaring and paying dividends of $14,000. During 2024, Abernethy reported net income of $163,250 while declaring and paying dividends of $54,000. Assume that Chapman Company acquired Abernethy's common stock by paying $686,100 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its Investment. Required: Prepare the 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.