Chapman company obtains 100 percent of abernethy company’s stock on january 1, 2017. as of that date, abernethy has the following trial balance: debit credit accounts payable $ 50,000 accounts receivable $ 40,000 additional paid-in capital 50,000 buildings (net) (4-year remaining life) 120,000 cash and short-term investments 60,000 common stock 250,000 equipment (net) (5-year remaining life) 200,000 inventory 90,000 land 80,000 long-term liabilities (mature 12/31/20) 150,000 retained earnings, 1/1/17 100,000 supplies 10,000 totals $ 600,000 $ 600,000 during 2017, abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. during 2018, abernethy reported net income of $110,000 while declaring and paying dividends of $30,000. assume that chapman company acquired abernethy’s common stock for $490,000 in cash. as of january 1, 2017, abernethy’s land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. chapman uses the equity method for this investment. prepare consolidation worksheet entries for december 31, 2017, and december 31, 2018.