P2-24 Consolidated Worksheet at End of the Second 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. Problem 2-23 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, 20X9: Peanut Company Debit Credit Snoopy Company Debit Credit Cash Accounts Receivable Inventory $ 230,000 $ 75,000 190,000 180,000 80,000 100,000 Investment in Snoopy Stock 405,000 0 Land Buildings & Equipment 200,000 100,000 700,000 200,000 Cost of Goods Sold 270,000 150,000 Depreciation Expense 50,000 10,000 Selling & Administrative Expense 230,000 60,000 Dividends Declared 225,000 30,000 Accumulated Depreciation $ 500,000 $ 30,000 Accounts Payable 75,000 35,000 Bonds Payable 150,000 Common Stock 500,000 Retained Earnings 525,000 Sales 850,000 85,000 200,000 155,000 300,000 Income from Snoopy 80,000 0 Total $2,680,000 $2,680,000 $805,000 $805,000