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: LO 2-3, 2-6 2-7 96 Chapter 2 Reperning Inteneerponate Inmestments and Consalidstion of Wholly Owned Sabsidharies wihh No Dafferential Peanut Company Snoopy Company Debit Credit Credit Cash Accounts Receivable Inventory Investment in Snoopy Stock 130,000 65,000 200,000 355,000 200,000 00,000 200,000 S 80,000 65,000 75,000 com 100,000 200,000 125,000 10,000 40,000 20,000 Buildings & Equipment Cost of Goods Sold Depreciatian Expense 50,000 225,000 00,000 Diidends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings 5 20,000 60,000 85,000 200,000 100,000 250,000 5 450,000 5,000 200,000 225,000 800,000 75,000 Income from Snoopy Total $2,325,000 2325000 $715000 $715000 71 5,00 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 20X%8. h. Prepare a consolidation worksheet for 20x8 in good form