Consolidation Worksheet Entries 78 Prepare entry A to recognize allocations attributed to specific accounts at acquisition date. Note: Enter debits before credits. Consolidation Worksheet Entries 5 Prepare entry C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that date, Abernethy has the following trial balance: During 2023, Abernethy reported net income of $126,000 while declaring and paying dividends of $16,000. During 2024 , Abernethy reported net income of $174,000 while declaring and paying dividends of $49,000. Assume that Chapman Company acquired Abernethy's common stock for $773,550 in cash. As of January 1, 2023, Abernethy's land had a fair value of $104,200, its buildings were valued at $208,800, and its equipment was appraised at $396,500. 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 transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries 1 456 9,12 Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2024. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits