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 $16,000. 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							Snoopy Company
	Debit			Credit				Debit			Credit
Cash	$	238,000						$	76,000
Accounts Receivable		214,000							87,000
Inventory		199,000							106,000
Investment in Snoopy Company		318,000							0
Land		219,000							102,000
Buildings & Equipment		713,000							219,000
Cost of Goods Sold		287,000							136,000
Depreciation Expense		60,000							16,000
Selling & Administrative Expense		240,000							64,000
Dividends Declared		228,000							36,000
Accumulated Depreciation				$	518,000						$	48,000
Accounts Payable					58,000							15,000
Bonds Payable					146,000							75,000
Common Stock					483,000							200,000
Retained Earnings					634,000							219,000
Sales					841,000							285,000
Dividend Income					36,000							0
Total	$	2,716,000		$	2,716,000			$	842,000		$	842,000

Required: a. Prepare any 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.)

2 III Iliai PUSIUUII allu uper UUIIS TUI Realul anulupy as UI Elevel SI, LUAS. Credit 25 points Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total Peanut Company Debit $ 238,000 214,000 199,000 318,000 219,000 713,000 287,000 60,000 240,000 228,000 $ 518,000 58,000 146,000 483,000 634,000 841,000 36,000 $2,716,000 $2,716,000 Snoopy Company Debit Credit $ 76,000 87,000 106,000 0 102,000 219,000 136,000 16,000 64,000 36,000 $ 48,000 15,000 75,000 200,000 219,000 285,000 0 $842,000 $842,000 Required: a. Prepare any journal entrylies) 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.) Answer is complete and correct. General Journal Credit No Event 1 Debit 36,000 Cash Dividend income 36,000 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.) ) Answer is not complete. PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X9 Consolidation Entries Peanut Co. Snoopy DR CR Co. Consolidated Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense San Beng video Net Income Dividend income 0 0 $ 0 0 0 Statement of Retained Earnings Beginning balance Net Income Less: Dividends declared Ending Balance 0 0 0 0 0 Balance Sheet Assets Cash Accounts receivable Inventory 0 0 0 0 0 Investment in Snoopy Co. Land Buildings & Equipment Less: Accumulated depreciation Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity 0 0 0 0 0