Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $269,100 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $299,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Peanut Company Snoopy Company Debit Credit Debit Credit Cash $ 168,000 $ 81,000 Accounts Receivable 177,000 65,000 Inventory 212,000 75,000 Investment in Snoopy Company 317,700 Land 214,000 95,000 Buildings and Equipment 709,000 182,000 Cost of Goods Sold 190,000 108,000 Depreciation Expense 44,000 8,000 Selling & Administrative Expense 223,000 55,000 Dividends Declared 99,000 22,000 Accumulated Depreciation $ 433,000 $ 16,000 Accounts Payable 63,000 48,000 Bonds Payable 188,000 81,000 Common Stock 499,000 195,000 Retained Earnings 318,300 104,000 Sales 784,000 247,000 Income from Snoopy Company 68,400 0 Total $2,353,700 $2,353,700 $691,000 $691,000 Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the rst account eld.) Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event General Journal Debit Credit 1 1 Investment in Snoopy Co. 317,700 X Cash 317,700 X 2 2 Investment in Snoopy Co. 68,400 V Income from Snoopy Co. 68,400 3 3 Cash Investment in Snoopy Co.b. Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry. (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.) 0 Answer is not complete. Income Statement Sales Less: COGS Less: Depreciation expense Less: Selling &Administrative Expense Income from Snoopy Co. Consolidated net income 0 0 0 0 0 NCI in net income Controlling Interest in Net Income $ 0 $ 0 $ 0 $ 0 $ 0 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