Chapter 3 The Reporting Entin 3-4.3-5 P3-27 Consolidated Worksheet at End Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 90 percent of Snoopy Company's outstanding common $270.000 on January 1, 20X8. when the book value of Snoopy's net assets was equal to $300.000 Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow P3-27 stock for Peanut Company Snoopy Company Debit Credit Debit Credit Cash Accounts Receivable inventory Investment in Snoopy Company 5 158000 165,000 200,000 319.500 200,000 700,000 200.000 50,000 225,000 100,000 $ 80.000 75,000 0 100,000 200.000 125,000 10,000 40,000 20,000 Buildings & Equipment Cost of Goods Sold Depreclation Expense 5&4 Expense Dividends Declared Accumulated Depreclation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales income from Snoopy Company Total $ 20,000 60.000 85.000 200,000 100,000 250,000 $ 450,000 75,000 500,000 225,000 800,000 67,500 $2.317.500 $2.317 500 $715.000 $715.000 Required Prepare any equity-method entryies) related to the investment in Snoopy Company during 20X8. a. b. Prepare a consolidation worksheet for 20X8 in good form