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Chapman Company obtains 100 percent of Abernethy Companys stock on January 1, 2023. As of that date, Abernethy has the following trial balance: Items Debit Credit Accounts payable - $ 52,800 Accounts receivable $ 49,500 - Additional paid-in capital - 50,000 Buildings (net) (4-year remaining life) 174,000 - Cash and short-term investments 84,000 - Common stock - 250,000 Equipment (net) (5-year remaining life) 315,000 - Inventory 137,500 - Land 90,500 - Long-term liabilities (mature 12/31/26) - 188,500 Retained earnings, 1/1/23 - 323,600 Supplies 14,400 - Totals $ 864,900 $ 864,900 During 2023, Abernethy reported net income of $129,000 while declaring and paying dividends of $16,000. During 2024, Abernethy reported net income of $176,000 while declaring andpaying dividends of $38,000. Assume that Chapman Company acquired Abernethys common stock for $733,100 in cash. As of January 1, 2023, Abernethys land had a fair value of $101,000, its buildings were valued at $242,000, and its equipment was appraised at $279,500. Chapman uses the equity method for this investment. Required: Prepare consolidation worksheet entries for December 31, 2023, and December 31, 2024. Prepare entry *C to convert parent's beginning retained earnings to full accrual basis

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