Consolidated Worksheet at End of the Second Year of Ownership (Equity Method).Peanut Company Acquired 100 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 $300,000. Problem 2-23 summarizes the first year of Peanut's ownership of Snoopy. Peanut uses the equity method to account for investments. The following Trial Balance summarizes the financial position and operations of peanut and snoopy company as of December 31, 20X9

A) Prepare any equity method journal entry(ies) related to the investment in Snoopy Company

B) Prepare a consolidation worksheet for 20X9 in good form

200,000 355,000 200,00o 700,000 200.00o 50,000 225,000 100,000 100,000 200,000 125,000 10,000 40,000 20,000 investment in Snoopy Stock Cost of Goods Soid 5 450,000 75,000 200,000 500,000 225,000 800,000 75,000 S&A Expense 60 Bonds Payable Common Stock Retained Earnings $715,0000 $2,325,000 Income from Snoopy $2,325,000 2.325 as well as any normal equity-method entryvies) related to the investmeneio y I during 20x8. anuary 1,20x noopy Prepare the journal entries on Peanut's books for the acquisition of S a h Prepare a consolidation worksheet for 20X8 in good form. P2-24 Consolidated Worksheet at End of the Second Year of Ownership ( LO 2-3, 2-6, $300,000 on January 1, 20X8, when the book value of Snoopy's net assets Problem 2-23 summarizes the first year of Peanut's ownership of Snoopy. method to account for investments. The following and operations for Peanut and Snoopy as of December 31, 20x9 Peanut Company acquired 100 percent of Snoopy Company's outstanding stock was equal to $300 trial balance summarizes the financial position Advanced Peanut Company Debit Snoopy Comany Debit com Cash S 230,000 $ 75,000 190,000 180,000 405,000 200,000 700,000 270,000 50,000 230,000 225,000 80,000 100,000 Accounts Receivable Inventory Investment in Snoopy Stock Land 100,000 200,000 150,000 Buildings & Equipment Cost of Goods Sold Depreciation Expense 10,000 60,000 30,000 Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings $ 500,000 75,000 150,000 500,000 525,000 850,000 80,000 30,000 35,000 85,000 200,000 55,000 300,000 Sales Income from Snoopy Total $2,680,000 $2,680,000 $805,000 $805,000