Peanut Company acquired $80$ percent of Snoopy Company's outstanding common stock for $$280,000$ on January $1,208,$ when th

book value of Snoopy's net assets was equal to $$350,000.$ Peanut uses the equity method to account for investments. The followin

trial balance summarizes the financial position and operations for Peanut and Snoopy as of December $31,20$X$9$:

Required:

a$.$ Prepare any equity method journal entry$($ies$)$ related to the investment in Snoopy Company during $209.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$12$ :$.......$

Record Peanut Company's share of Snoopy Company's $20$X$9$ dividend.

Note: Enter debits before credits. b$.$ Prepare a consolidation worksheet for $20x9.$ Assume the company prepares the optional Accumulated Depreciation Con

Entry and that the depreciation expense was the same amount in both $208$ and $20$X$9.$

Note: Values in the first two columns $($the "parent" and "subsidiary" balances$)$ that are to be deducted should be indic

a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accoun

multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit c

the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the

worksheet.Peanut Company acquired $80$ percent of Snoopy Company's outstanding common stock for $$280,000$ on January $1,208,$ when th

book value of Snoopy's net assets was equal to $$350,000.$ Peanut uses the equity method to account for investments. The followin

trial balance summarizes the financial position and operations for Peanut and Snoopy as of December $31,20$X$9$:

Required:

a$.$ Prepare any equity method journal entry$($ies$)$ related to the investment in Snoopy Company during $209.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$12$

Record Peanut Company's share of Snoopy Company's $20$X$9$ income.

Note: Enter debits before credits.