P2-23 Consolidated Worksheet at End of the First 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. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: $130,000 $80,000 165,000 200,000 355,000 65,000 75,000 Income Statement Sales AR Inventory Investment in snoopy stock land Buildings & Equipment Cost of Goods sold Depreciation expenses S&A Expense Dividends Declared Accumulated Depreciation AP Bonds Payable Common Stock Retained Earnings Sales 200,000 700,000 200,000 50,000 225,000 100,000 100,000 200,000 125,000 10,000 40,000 20,000 $450,000 20,000 60,000 75,000 200,000 85,000 200,000 500,000 225,000 800,000 75,000 100,000 250,000 Income from Snoopy Total $2,325,000 2,325,000 $ 715,000 $715,000 Required a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity-method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 20X8 in good form