Step by step solution please, TIA. Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020.

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Step by step solution please, TIA.
Chapman Company obtains 100 percent of Abernethy Company’s stockon January 1, 2020. As of that date, Abernethy has the followingtrial balance:
During 2020, Abernethy reported net income of $103,500 whiledeclaring and paying dividends of $13,000. During 2021, Abernethyreported net income of $145,250 while declaring and payingdividends of $47,000.
Assume that Chapman Company acquired Abernethy’s common stockfor $800,660 in cash. Assume that the equipment and long-termliabilities had fair values of $390,450 and $151,340, respectively,on the acquisition date. Chapman uses the initial value method toaccount for its investment.
Prepare consolidation worksheet entries for December 31, 2020,and December 31, 2021. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)
1. Prepare entry S to eliminate stockholders' equity accounts ofsubsidiary.
2. Prepare entry A to recognize allocations in connectionwith acquisition-date fair values.
3. Prepare entry I to eliminate intra-entity dividends.
4. Prepare entry E to recognize 2020 amortizationexpense.
5. Prepare entry *C to convert parent company figures toequity method.
6. Prepare entry S to eliminate stockholders' equityaccounts of subsidiary for 2021.
7. Prepare entry A to recognize allocations attributed tospecific accounts at acquisition date for 2021.
8. Prepare entry I to eliminate intra-entity dividends.
9. Prepare entry E to recognize 2021 amortizationexpense.