Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $263,700 on January 1, 20X8, when the book value of Snoopys net assets was equal to $293,000. 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		$	161,000								$	77,000
Accounts Receivable			170,000									65,000
Inventory			208,000									77,000
Investment in Snoopy Company			306,000
Land			205,000									82,000
Buildings and Equipment			702,000									183,000
Cost of Goods Sold			199,000									105,000
Depreciation Expense			48,000									8,000
Selling & Administrative Expense			221,000									40,000
Dividends Declared			84,000									34,000
Accumulated Depreciation						$	446,000								$	16,000
Accounts Payable							58,000									43,000
Bonds Payable							185,000									85,000
Common Stock							492,000									200,000
Retained Earnings							256,100									93,000
Sales							794,000									234,000
Income from Snoopy Company							72,900									0
Total		$	2,304,000			$	2,304,000				$	671,000			$	671,000

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 first account field.)

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.)