P2-28B Consolidated Worksheet at End of the Second Year of Ownership (Investment Carried at Cost) LO 2-2, 2-5, 2-6 Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $313,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $313,000. Accumulated depreciation on this date was $20,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Snoopy Company Debit Credit $ 76,000 90,000 104,000 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total Peanut Company Debit Credit $ 250,000 210,000 197,000 313,000 214,000 718,000 288,000 66,000 232,000 240,000 $ 503,000 69,000 143,000 499,000 634,000 840,000 40,000 $2,728,000 $2,728,000 113,000 201,000 137,000 20,000 69,000 40,000 $ 60,000 16,000 83,000 199,000 197,000 295,000 0 $850,000 $850,000 Required: a. Prepare any journal entry(ies) related to the investment in Snoopy Company during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare a consolidation worksheet for 20X9. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)