Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $260,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $325,000. 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									Snoopy Company
	Debit				Credit					Debit				Credit
Cash		$	257,000								$	83,000
Accounts Receivable			200,000									88,000
Inventory			186,000									101,000
Investment in Snoopy Company			310,400									0
Land			209,000									83,000
Buildings and Equipment			713,000									192,000
Cost of Goods Sold			325,000									151,000
Depreciation Expense			43,000									10,000
Selling & Administrative Expense			210,000									54,000
Dividends Declared			213,000									34,000
Accumulated Depreciation						$	492,000								$	30,000
Accounts Payable							62,000									30,000
Bonds Payable							139,000									99,000
Common Stock							500,000									180,000
Retained Earnings							563,400									152,000
Sales							838,000									305,000
Income from Snoopy Company							72,000									0
Total		$	2,666,400			$	2,666,400				$	796,000			$	796,000

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.)

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.)