good fo LO 3-4, 3-5 P3-27 Consolidation Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $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: Peanut Company Debit Credit Snoopy Company Debit Credit Cash $ 158,000 Accounts Receivable 165,000 Inventory 200,000 $ 80,000 65,000 75.000 Investment in Snoopy Company 319.500 Land 200,000 100,000 Buildings & Equipment 700,000 200,000 Cost of Goods Sold 200,000 125,000 Depreciation Expense S&A Expense 50,000 10,000 225,000 40,000 Dividends Declared 100,000 20,000 Accumulated Depreciation Accounts Payable $ 450,000 75,000 $ 20,000 60,000 Bonds Payable 200,000 85,000 Common Stock 500,000 200,000 Retained Earnings 225,000 100,000 Sales 800,000 250,000 Income from Snoopy Company 67.500 Total $2,317,500 $2,317,500 $715,000 $715,000 Required a. Prepare any equity-method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 20X8 in good form. LO 3-4, 3-5 P3-28 Consolidation Worksheet at End of the Second Year of Ownership (Equity Method) Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Problem 3-27 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 for Peanut and Snoopy as of December 31, 20X9: