Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $280,000 on January 1, 20X8, when the book value of Snoopy's 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 Company Debit Credit 255,000 208,000 189,000 303,200 218,000 718,000 350,000 46,000 Snoopy Company Debit Credit $ 79,000 84,000 113,000 0 88,000 199,000 153,000 15,000 229,000 58,000 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and 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 212,000 47,000 $ 487,000 72,000 142,000 487,000 635,200 833,000 72,000 $2,728, 200 $ 45,000 45,000 94,000 183,000 153,000 316,000 0 $2,728, 200 $836,000 $836,000 b. 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. (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.)