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 $15,000. 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, 209: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling and Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total Peanut Company Snoopy Company Debit Credit Debit Credit $ 236,000 193,000 184,000 468,000 206,000 $ 87,000 92,000 114,000 0 103,000 703,000 214,000 278,000 142,000 56,000 15,000 241,000 77,000 239,000 35,000 $ 504,000 60,000 $ 45,000 29,000 134,000 68,000 499,000 184,000 724,000 268,000 832,000 285,000 51,000 0 $ 2,804,000 $ 2,804,000 $ 879,000 $ 879,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 20X9. b. Prepare a consolidation worksheet for 20X9. Required A Required B Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 20X9. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B Record Peanut Company's 100% share of Snoopy Company's 20X9 income. Note: Enter debits before credits. Event 1 General Journal Debit Credit Required A Required B Prepare a consolidation worksheet for 20X9. Note: 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. Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling and Administrative expense Income from Snoopy Company Net income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Less: Accumulated depreciation Total Assets Liabilities and Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities and Equity PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X9 Consolidation Entries Peanut Company Snoopy Debit Credit Consolidated Company Show less