$130,000 Qevation St (15 Points) Fund Company acquired 100 percent of Snoopy Company's outstanding common stock for 0000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000 Prant uses the equity method to account for investments. Trial balance data for Peanut and Spy as of December 31, 20X8, are as follows: Cash Snoopy Company Credit Peanut Company Debit Credit Debit $80,000 Accounts Receivable 165.000 65,000 Inventory 200,000 75,000 0 Investment in Snoopy Company 355,000 Land 200,000 100,000 Buildings and Equipment 700,000 200,000 Cost of Goods Sold 200,000 125,000 Depreciation Expense 50,000 10,000 Selling and Administrative Expenses 225,000 40,000 Dividends Declared 100,000 20,000 Accumulated Depreciation $450,000 $20,000 Accounts Payable 75,000 Bonds Payable 60,000 200,000 Common Stock 85,000 Retained Earnings 500,000 200,000 Sales 225,000 100,000 Total Income from Snoopy Company 800,000 250,000 75,000 $2,325,000 $2,325,000 $715,000 0 $715,000 (a) (5 Points) Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity-method entry(ies) related to the investment in Snoopy Company during 20X8. (2 Points) Calculate consolidated sales for the year ended December 31, 20X8 (d) (2 Points) At what amount shall investment in subsidiary be reported on the consoli dated balance sheet on December 31, 20X87 (e) (2 Points) At what amount shall common stock be reported on the consolidated balance sheet on December 31, 20X8? (1) (2 Points) At what amount shall the account income from subsidiary be reported on the consolidated income statement for the year ended December 31, 20X8? Page 6