Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $318,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $318,000. Accumulated depreciation on this date was $19,000. 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							Snoopy Company
	Debit			Credit				Debit			Credit
Cash	$	246,000						$	78,000
Accounts Receivable		200,000							90,000
Inventory		190,000							104,000
Investment in Snoopy Company		423,000							0
Land		209,000							101,000
Buildings & Equipment		708,000							203,000
Cost of Goods Sold		270,000							130,000
Depreciation Expense		68,000							19,000
Selling & Administrative Expense		244,000							72,000
Dividends Declared		230,000							39,000
Accumulated Depreciation				$	515,000						$	57,000
Accounts Payable					60,000							26,000
Bonds Payable					133,000							70,000
Common Stock					491,000							193,000
Retained Earnings					695,000							210,000
Sales					835,000							280,000
Income from Snoopy Company					59,000							0
Total	$	2,788,000		$	2,788,000			$	836,000		$	836,000

(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.)