Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $280,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $350,000. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9:

Peanut CompanySnoopy CompanyDebitCreditDebitCreditCash$ 255,000$ 90,000Accounts Receivable203,00095,000Inventory182,000105,000Investment in Snoopy Company317,4000Land202,00086,000Buildings and Equipment707,000194,000Cost of Goods Sold350,000168,000Depreciation Expense41,00016,000Selling & Administrative Expense223,00039,250Dividends Declared223,00049,000Accumulated Depreciation$ 484,000$ 48,000Accounts Payable61,00048,000Bonds Payable144,00077,250Common Stock497,000197,000Retained Earnings604,000152,000Sales836,000320,000Income from Snoopy Company77,4000Total$ 2,703,400$ 2,703,400$ 842,250$ 842,250

Required:

Prepare a consolidation worksheet for 20X9. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry and that the depreciation expense was the same amount in both 20X8 and 20X9