Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $310,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $310,000. Accumulated depreciation on this date was $17,000. 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	$	250,000						$	88,000
Accounts Receivable		200,000							95,000
Inventory		181,000							106,000
Investment in Snoopy Company		310,000							0
Land		207,000							107,000
Buildings & Equipment		716,000							219,000
Cost of Goods Sold		281,000							145,000
Depreciation Expense		63,000							17,000
Selling & Administrative Expense		244,000							73,000
Dividends Declared		241,000							37,000
Accumulated Depreciation				$	501,000						$	51,000
Accounts Payable					61,000							21,000
Bonds Payable					134,000							78,000
Common Stock					498,000							197,000
Retained Earnings					617,000							240,000
Sales					845,000							300,000
Dividend Income					37,000							0
Total	$	2,693,000		$	2,693,000			$	887,000		$	887,000

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.)

Journal entry worksheet