Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Snoopy Company Debit Credit $ 87,000 82,000 82,000 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total Peanut Company Debit Credit $ 177,000 166,000 201,000 327,600 209,000 705,000 197,000 41,000 217,000 94,000 $ 430,000 74,000 185,000 482,000 304,100 783,000 76,500 $2,334,600 $2,334,600 89,000 183,000 111,000 9,000 42,000 21,000 $ 18,000 59,000 82,000 187,000 113,000 247,000 0 $ 706,000 $ 706,000 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.) 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 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet $ 0 $ 0 $ 0 $ 0 $ 0 Assets Cash Accounts receivable $ 0 $ 0 $ 0 $ 0 $ 0 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 $ 0 $ 0 $ 0 $ 0 $ 0