Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Accumulated depreciation on this date was $10,000. 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: 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 $ 230,000 $ 75,000 190,000 180,000 80,000 100,000 405,000 0 200,000 100,000 700,000 200,000 270,000 150,000 50,000 10,000 230,000 60,000 225,000 30,000 $ 500,000 75,000 $ 30,000 35,000 150,000 85,000 500,000 200,000 525,000 155,000 850,000 300,000 80,000 0 $ 2,680,000 $ 2,680,000 $ 805,000 $ 805,000 (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. Complete this question by entering your answers in the tabs below. 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. Show less