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b. Prepare a consolidation worksheet for 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.) PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X9 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense Dividend income Net income 0 $ O $ 0 $ 0 $ Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance $ 0 $ 0 $ 0 $ 0 $ Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings & Equipment Less: Accumulated depreciation Total Assets $ 0 $ 0 $ 0 $ 0 $ Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $304,000. Accumulated depreciation on this date was $12,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Peanut Company Snoopy Company Debit Debit Credit Cash $ 238,000 Credit $ 77,000 Accounts Receivable 214,000 90,000 Inventory 183,000 107,000 Investment in Snoopy Company 304,000 Land 209,000 106,000 Buildings & Equipment 704,000 212,000 Cost of Goods Sold 277,000 145,000 Depreciation Expense 60,000 12,000 Selling & Administrative Expense 231,000 79,000 Dividends Declared 228,000 32,000 Accumulated Depreciation $ 520,000 $ 36,000 Accounts Payable 59,000 24,000 Bonds Payable 147,000 71,000 Common Stock 485,000 184,000 Retained Earnings 557,000 248,000 Sales 848,000 297,000 Dividend Income 32,000 Total $2,648,000 $2,648,000 $860,000 $860,000 Required: a. Prepare any 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 field.) View transaction list Journal entry worksheet Record Peanut Co.'s 100% share of Snoopy Co.'s 20X9 dividend. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal