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Peanut Company acquired 9 0 percent of Snoopy Company's outstanding common stock for $ 2 9 9 , 7 0 0 on January 1 ,
Peanut Company acquired percent of Snoopy Company's outstanding common stock for $ on January when the book value of Snoopy's net assets was equal to $ Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December X follow:
tablePeanut Company,Snoopy CompanyDebit,Credit,Debit,CreditCash$ $ Accounts Receivable,,InventoryInvestment in Snoopy Company,,LandBuildings and Equipment,,Cost of Goods Sold,,Depreciation Expense,,Selling & Administrative Expense,,Dividends Declared,,Accumulated Depreciation,,,$ $ Accounts Payable,,,Bonds Payable,,,Common Stock,,,Retained Earnings,,,SalesIncome from Snoopy Company,,,Total$$ $ $
Required:
a Prepare any equity method entryies related to the investment in Snoopy Company during X
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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