b.Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry.

Note: 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.

Journal entry worksheet Record Peanut Company's 90\% share of Snoopy Company's 208 income. Note: Enter debits before credits. Problem 3-27 (Algo) Consolidation Worksheet at End of the First Year of Ownership (Equity Method) LO 3-4, 3-5 Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $315,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $350,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. \begin{tabular}{|l|l|l|l|l|l|} \hline Liabilities \& Stockholders' Equity & \\ \hline Accounts payable & & & \\ \hline Bonds payable & & & \\ \hline Common stock & & & & \\ \hline Retained earnings & & & & \\ \hline Noncontrolling interest in net assets of Snoopy Company & & & \\ \hline Total Liabilities \& Stockholders' Equity & & & \\ \hline \end{tabular} lequired: . Prepare any equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the initial investment in Snoopy Company. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ PEANUT COMPANY AND SUBSIDIARY } \\ \hline \multicolumn{6}{|c|}{ Consolidated Financial Statement Worksheet } \\ \hline \multicolumn{6}{|c|}{ December 31, 208} \\ \hline & \multirow{2}{*}{\begin{tabular}{l} Peanut \\ Company \end{tabular}} & \multirow{2}{*}{\begin{tabular}{l} Snoopy \\ Company \end{tabular}} & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow{2}{*}{ Consolidated } \\ \hline & & & Debit & Credit & \\ \hline \multicolumn{6}{|l|}{ Income Statement } \\ \hline \multicolumn{6}{|l|}{ Sales } \\ \hline \multicolumn{6}{|l|}{ Less: COGS } \\ \hline \multicolumn{6}{|l|}{ Less: Depreciation expense } \\ \hline \multicolumn{6}{|c|}{ Less: Selling \& Administrative Expense } \\ \hline \multicolumn{6}{|c|}{ Income from Snoopy Company } \\ \hline \multicolumn{6}{|l|}{ Consolidated net income } \\ \hline \multicolumn{6}{|c|}{ Noncontrolling interest in net income } \\ \hline \multicolumn{6}{|c|}{ Controlling Interest in Net Income } \\ \hline \multicolumn{6}{|c|}{ Statement of Retained Earnings } \\ \hline \multicolumn{6}{|l|}{ Beginning balance } \\ \hline \multicolumn{6}{|l|}{ Net income } \\ \hline \multicolumn{6}{|l|}{ Less: Dividends declared } \\ \hline \multicolumn{6}{|l|}{ Ending Balance } \\ \hline \multicolumn{6}{|l|}{ Balance Sheet } \\ \hline \multicolumn{6}{|l|}{ Assets } \\ \hline \multicolumn{6}{|l|}{ Cash } \\ \hline \multicolumn{6}{|l|}{ Accounts receivable } \\ \hline \multicolumn{6}{|l|}{ Inventory } \\ \hline \multicolumn{6}{|c|}{ Investment in Snoopy Company } \\ \hline \multicolumn{6}{|l|}{ Land } \\ \hline \multicolumn{6}{|l|}{ Buildings and equipment } \\ \hline \multicolumn{6}{|l|}{ Accumulated depreciation } \\ \hline Total Assets & & & & & \\ \hline \end{tabular} Journal entry worksheet Record Peanut Company's 90\% share of Snoopy Company's 20X8 dividend. Note: Enter debits before credits