Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. 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 Peanut Company Snoopy Company Debit Credit Debit Credit Cash 246,000 $ 92,000 Accounts Receivable 202,000 190, 000 99,000 109,000 Inventory Investment in Snoopy Company 307,000 0 215,000 702,000 289,000 70,000 Land 118,000 Buildings Equipment 210,000 144, 000 13,000 Cost of Goods Sold Deprecia Selling & Administrative Expense xpense 232,000 66,000 Dividends Declared 239, 000 33,000 Accumulated 505, 000 39,000 Depreciation Accounts Payable 69,000 138,000 485,000 614, 000 848,000 33,000 19,000 81,000 189,000 276,000 280,000 Bonds Payable Common Stock Retained Earnings Sales Dividend Income $2,692,000 $2,692,000 $884,000 SB84,000 Total Required: a. Prepare any journal entry(ies) related to the investment in Snoopy Company during 20x9. (If no entry Is required for a transactlon/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record Peanut Co.'s 100% share of Snoopy Co.'s 20x9 dividend. Note: Enter debits before credits. General Journal Event Debit Credit View general journal Record entry Clear entry 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 credlt column of the worksheet.) PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Works heet December 31, 20X9 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense Dividend income Net income 0 0 0 Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance 0 0 0 0 0 :Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings & Equipment Less: Accumulated depreciation Total Assets 0 S 0 S 0 0 Liabilities & Equity Accounts payable Bonds payable Common stock Retained eamings Total Liabilities & Equity C S 0 C S 0 e