Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $309,600 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $344,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Peanut Com Snoopy Comp Debit Credit Debit Credit $178, 000 168, 000 212, 000 361, 800 210, 000 714, 000 196, 000 47, 000 223, 000 90, 000 Accounts Receivable Inventory Investment in Snoopy Company $80, 000 82, 000 94, 000 an Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling& Hcministrative Expense Dividends Declared Accumulated Depreciatiorn Accounts Payable Bonds Payable Comumon Stock 91, 000 190, 000 111, 000 9, 000 38, 000 27, 000 $444, 000 64, 000 182, 000 483, 000 356, 300 794, 000 76, 500 $2, 399, 800 $18, 000 49, 000 68, 000 181, 000 163, 000 243, 000 Retained Eamings Sales Income from Snoopy Company Total $2, 399, 800 $722, 000 $722, 000 Required a. Prepare any equity method entrylies) related to the investment in Snoopy Company during 20X8. (If no entry is required fora transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the initial investment in Snoopy Co. 2 Record Peanut Co.'s 90% share of Snoopy Co.'s 20X8 income 3 Record Peanut Co.'s 90% share of Snoopy Co.'s 20X8 dividend PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X8 Consolidation Entries Peanut Co. Snoopy Co DR CR Consolidated Income Statement Sales Less: COGS Less: Depreciation expense Less: Selling& Administrative Expense Income from Snoopy Co Consolidated net income NCI in net income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co Land Buildings and equipment Accumulated depreciation Total Assets Liabilities & Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings NCI in NA of Snoopy Co Total Liabilities & Stockholders' Equity