Peanut Company acquired 80 percent of Snoapy Company's outstanding common stock for $280,000 on January 1, 20X8, when the pook value of Snoopy's net assets was equal to $350,000. Peanut uses the equity method to account for investments. The following rial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Pequired: a. Prepare any equity method journal entry(les) related to the inwestment 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. Prepare a corsolidation worksheet for 20x9. Assume the compary prepares the optianal Accumulated Depreciatian Consolidation Entry and that the depreciation expense was the same amount in both 208 and 209. Note: 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. Peanut Company acquired 80 percent of Snoapy Company's outstanding common stock for $280,000 on January 1, 20X8, when the pook value of Snoopy's net assets was equal to $350,000. Peanut uses the equity method to account for investments. The following rial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Pequired: a. Prepare any equity method journal entry(les) related to the inwestment 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. Prepare a corsolidation worksheet for 20x9. Assume the compary prepares the optianal Accumulated Depreciatian Consolidation Entry and that the depreciation expense was the same amount in both 208 and 209. Note: 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