Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $302,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $302,000. Accumulated depreciation on this date was $18,000. 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, 20X9: Peanut Company Debit Snoopy Company Cash $ 249,000 Accounts Receivable 203,000 Inventory 197,000 Credit Debit $ 78,000 Credit 97,000 101,000 Investment in Snoopy Company 450,000 Land 217,000 114,000 Buildings & Equipment 718,000 209,000 Cost of Goods Sold 286,000 148,000 Depreciation Expense 51,000 18,000 Selling & Administrative 234,000 61,000 Expense Dividends Declared 232,000 38,000 Accumulated Depreciation $ $12,000 $ 54,000 Accounts Payable 74,000 27,000 Bonds Payable 135,000 68,000 Common Stock 484,000 182,000 Retained Earnings 742,000 249,000 Sales 833,000 284,000 Income from Snoopy Company 57,000 e Total $2,837,000 $2,837,000 $864,000 $864,000 (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 (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.) Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense Income from Snoopy Co 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 Co Land Buildings & Equipment Less Accumulated depreciation PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20x9 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated $ 0 $ 0 $ 0 $ 0 $ S 0 $ 0 $ 0 $ Total Assets S 0 $ 05 0 $ $ 0 Liabilities & Equity Accounts payable Bonds payable Common stock Retained eamings Total Liabilities & Equity 0 5 05 05