Saved Help Save & Exit Submit Chapman Company obtains 100 percent of Abernethy Company's stock Abernethy has the following trial balance: on January 1, 2017. As of that date, Debit Credit 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 rema in ing life) Inventory Land Long-term 1iabilities (mature 12/31/20) Retained earnings, 1/1/17 Supplies 56,400 $ 43,900 50,00e 217,000 76,750 250,000 367,500 96,500 122,e00 182,500 396,250 11,500 Totals $935,150 $935,150 During 2017, Abernethy reported net income of $103,500 while declaring and paying dividends of $13,000. During 2018, Abernethy reported net income of $145,250 while declaring and paying dividends of $47,000, Assume that Chapman Company acquired Abernethy's common stock for $800,660 in cash. Assume that the equipment and long-term liabilities had fair values of $390,450 and $151,340, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries