Pea Inc. acquired 100% of Snoop Inc.'s outstanding common stock for $300,000 on January 1, 2020, when the book value of Snoop's net assets was equal to $300,000. Pea uses the equity method to account for its investment in Snoop. Select data from the consolidation worksheet for Pea and Snoop as of December 31, 2020, are as follows: Pea Inc. Snoop Inc. INCOME STATEMENT Depreciation Expense 50,000 10,000 Income from Snoop Inc. 80,000 Net Income 400,000 80,000 STATEMENT OF RETAINED EARNINGS Beginning Balance 225,000 120,000 Net Income 400,000 80,000 Less: Dividends Declared (100,000) (30,000) 525,000 170,000 Ending Balance BALANCE SHEET Cash 130,000 80,000 Investment in Snoop Inc. 350,000 Buildings & Equipment 700,000 Less: Accumulated Depreciation (450,000) Bonds Payable 200,000 200,000 (50,000) 85,000 Common Stock 500,000 180,000 Retained Farnings 2 on ann Identify the following statements that are TRUE regarding the Basis Consolidation Entry made in the 2020 consolidation worksheet to consolidate Pea and Snoop. The Basic Consolidation Entry includes a: credit to Retained Earnings of $170,000. credit to Accumulated Depreciation of $50,000. debit to Common Stock for $180,000. credit to Income from Snoop Inc. of $80,000. credit to Investment in Snoop Inc. of $350,000. credit to Dividends Declared of $30,000