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 $18,000. 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 Debit Credit Cash $ 243,000 Snoopy Company Debit $ 94,000 Credit Accounts Receivable 198,000 Inventory 194,000 94,000 111,000 Investment in Snoopy Company 307,000 Land Buildings & Equipment 209,000 118,000 717,000 284,000 Cost of Goods Sold 289,000 148,000 Depreciation Expense 57,000 18,000 Selling & Administrative Expense 247,000 70,000 Dividends Declared 231,000 38,000 Accumulated Depreciation $ 517,000 $ 54,000 Accounts Payable 57,000 20,000 Bonds Payable 135,000 Common Stock Retained Earnings Sales Dividend Income Total 497,000 83,000 198,000 617,000 242,000 831,000 298,000 38,000 $2,692,000 $2,692,000 $895,000 $895,000 a. Prepare any journal entry(les) 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.) View transaction list Journal entry worksheet A Record Peanut Co.'s 100% share of Snoopy Co.'s 20x9 dividend. Note: Enter debits before credits. Event 1 General Journal Debit Credit 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 "Comoliciation 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 Dividend income 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 Peanut Co. Snoopy Co. DR Consolidation Entries CR Consolidated $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total Assets $ 0 $ 0 $ 0 $ 0 $ 0 Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $