Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $375,000. 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: 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 Required: Peanut Company Debit Credit $ 265,000 192,000 200,000 325,600 200,000 705,000 375,000 42,000 212,000 207,000 Snoopy Company Debit Credit $ 90,000 95,000 101,000 8 90,000 198,000 153,000 $ 483,000 72,000 16,000 46,000 35,000 $ 48,000 48,000 137,000 71,000 481,000 188,000 640,400 155,000 831,000 314,000 79,200 B $ 2,723,600 $ 2,723,600 $ 824,000 $ 824,000 a. Prepare any equity method journal entry(les) related to the Investment In Snoopy Company during 20X9. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. View transaction Nat 1 Record Peanut Company's share of Snoopy Company's 20x9 income. 2 Record Peanut Company's share of Snoopy Company's 20X9 dividend. Note: = journal entry has been entered Record entry Credit Clear entry View general journal 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. 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.