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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 $-$ $ $56,400$

Accounts receivable $ $43,900-$

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

Buildings $($net$)(4-$year remaining life$)217,000-$

Cash and short$-$term investments $76,750$

Common stock $-250,000$

Equipment $($net$)(5-$year remaining life$)367,500-$

Inventory $96,500-$

Land $122,000-$

Long$-$term liabilities $($mature $12/31/26)-182,500$

Retained earnings, $1/1/23-396,250$

Supplies $11,500-$

Totals $ $935,150$ $ $935,150$

During $2023,$ Abernethy reported net income of $$103,500$ while declaring and paying dividends of $$13,000.$ During $2024,$ Abernethy reported net income of $$145,250$ while declaring and paying dividends of $$47,000.$

Assume that Chapman Company acquired Abernethy$$s common stock by paying $$906,250$ 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.

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