P$3-28$ 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 $1,20$X$8,$

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 $31,20$X$9$:

answer journal entries and consolidation entries