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  3. \end{tabular}\ \hline & $851,950 & $851,

\end{tabular}\ \hline & $851,950 & $851,950\ \hline \end{tabular} ...

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Accounting

\end{tabular}\
\hline & $851,950 & $851,950\
\hline
\end{tabular}
During 2023, Abernethy reported net income of $108,500 while declaring and paying dividends of $14,000. During 2024, Abernethy reported net income of $139,750 while declaring and paying dividends of $54,000.
Assume that Chapman Company acquired Abernethy's common stock for $711,320 in cash. Assume that the equipment and long-term liabilities had fair values of $411,450 and $155,580, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.
Required:
Prepare 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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