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Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit $ 52,400 $ 48,600 179,000 61,250 50,000 250.000 Accounts payable Accounts receivable Additional paid-in capital Buildings (net) (4-year remaining Life) Cash and short-term investments Con stock Equipment (net) (5-year remaining life) Inventory Land Long-tern abilities mature 12/31/23) Retained earnings, 1/1/20 Supplies Totats 260,000 121.500 105,000 174,500 264,650 16, 200 $791,550 $ 791.550 During 2020, Abernethy reported net income of $86,000 whlle declaring and paying dividends of S11,000. During 2021. Abernethy reported net income of $124,500 while declaring and paying dividends of $47,000. Assume that Chapman Company acquired Abernethy's common stock for $691,000 in cash. As of January 1, 2020, Abernethy's land had a fair value of $118,100, its buildings were valued at $231,000, and its equipment was appraised at $239,000, Chapman uses the equity method for this investment Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (F no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction lit Worksheet Entries 3 4 5 6 7 8 12 Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill

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