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 Credit

Accounts payable $-$ $ $58,300$

Accounts receivable $ $43,500-$

Additional paid$-$in capital $-50,000$

Buildings $($net$)(4-$year remaining life$)210,000-$

Cash and short$-$term investments $83,250$

Common stock $-250,000$

Equipment $($net$)(5-$year remaining life$)417,500-$

Inventory $95,000-$

Land $103,000-$

Long$-$term liabilities $($mature $12/31/26)-163,000$

Retained earnings, $1/1/23-445,850$

Supplies $14,900-$

Totals $ $967,150$ $ $967,150$

During $2023,$ Abernethy reported net income of $$122,000$ while declaring and paying dividends of $$15,000.$ During $2024,$ Abernethy reported net income of $$175,000$ while declaring and paying dividends of $$55,000.$

Assume that Chapman Company acquired Abernethy$$s common stock by paying $$886,850$ 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.