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: Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record Peanut Co.'s share of Snoopy Co.'s 209 income. Note: Enter debits before credits. b. Prepare a consolidation worksheet for 209. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry and that the depreclation expense was the same amount in both 208 and 209. (Values In the first two columns (the "parent" and "subsidlary" balances) that are to be deducted should be Indlcated with a minus sign, whille all values in the "Consolidation Entrles" columns should be entered as positlve values. For accounts where multlple adjusting entrles are requlred, combine all deblt entrles Into one amount and enter thls amount in the deblt column of the worksheet. Simllarly, combine all credit entrles Into one amount and enter this amount in the credlt column of the worksheet.)