On January 1, 20X9, Peery Company acquired 100 percent of Standard Company's common shares at underlying book value. Peery uses the equlty method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows: Standard Co Debit Credit $ 95,000 170,000 Item Current Assets Depreciable Assets Investment in Standard Co. Other Expenses Depreciation Expense Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Standard Co Peery Co. Debit Credit $238,000 300,000 100,000 90,000 30,000 32,000 $120,000 50.000 120,000 100,000 175,000 200,000 25000 $790,000 $790,000 70,000 17,000 10,000 $ 85,000 30,000 50,000 50,000 35,000 112,000 $362,000 $362,000 Required: 1. Record equity method journal entries that were recorded by Peery Company during 20X9