4 Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $375,000. Peanut uses the equity method to account for Investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: 5 points Cash $ 272,000 Peanut Company Debit Credit Snoopy Company Debit Credit: $ 77,000 Accounts Receivable. 200,000 Inventory 193,000 82,000 118,000 Investment in Snoopy Company Land 319,800 216,000 81,000 Buildings and Equipment 706,000 199,000 Cost of Goods Sold 375,000 155,000 Depreciation Expense 47,000 13,000 Selling & Administrative Expense 221,000 54,250 Dividends Declared 224,000 34,000 Accumulated Depreciation $ 487,000 $ 39,000 Accounts Payable 55,000 39,000 Bonds Payable 137,000 Common Stock 491,000 79,250 187,000 Retained Earnings Sales 682,400 150,000 844,000 319,000 Income from Snoopy Company 77,400 8 Total $2,773,800 $2,773,800 $813,250 $813,250 Required: a. Prepare any equity method journal entry(ies) related to the Investment In Snoopy Company during 20X9. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) Answer is not complete. No Event General Journal 1 Investment in Snoopy Co. Income from Snoopy Co. 2 2 Cash Investment in Snoopy Co. Debit Credit b. Prepare a consolidation worksheet for 20X9. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry and that the depreciation expense was the same amount in both 20X8 and 20X9. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet.)