Peanut Company acquired 100 pereent of Snoopy Company outstanding common stock for $400,000 on January 1, 20XR, when the book value of Snoopy's net assets was equal to $300,000. Problem 221 summarizes the first year of Peanut's ownership of Snoopy Peanut uses the equity method to account for investments The following trial balance summarizes the financial position and operations for Pennut and Snoopy as of December 31, 20x9 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 Income from Snoopy Company Total Peanut Company Debit Credit $ 230,000 190,000 180.000 405,000 200.000 700.000 270.000 50,000 230.000 225.000 $ 500.000 75,000 150,000 500.000 525,000 850,000 80,000 $2.680,000 $2.680.000 Snoopy Company Debit Credit $ 75,000 80,000 100.000 0 100.000 200,000 150,000 10.000 60,000 30.000 $ 30,000 35,000 85.000 200.000 155.000 300,000 0 $805.000 $805.000 Required 2. Prepare any equity-swethod joumal entryfies related to the investment in Snoopy Company during 20x9 1. Prepare a consolidation worksheet for 20x9 is good for