Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $296,100 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $329,000. 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 Cash $ 178,000 Debit $ 84,000 Credit Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold 176,000 81,000 219,000 79,000 341,100 220,000 82,000 703,000 195,000 188,000 122,000 Depreciation Expense 46,000 9,000 Selling & Administrative Expense 222,000 28,000 Dividends Declared 100,000 32,000 Accumulated Depreciation $ 437,000 $ 18,000 Accounts Payable 63,000 48,000 Bonds Payable 189,000 76,000 Common Stock 492,000 197,000 Retained Earnings 339,300 132,000 Sales 799,000 241,000 Income from Snoopy Company 73,800 Total $ 2,393,100 $ 2,393,100 $ 712,000 $ 712,000 Required: a. Prepare any equity method entry(les) related to the Investment In Snoopy Company during 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction let 1 Record the initial investment in Snoopy Company. 2 Record Peanut Company's 90% share of Snoopy Company's 20x8 income. 3 Record Peanut Company's 90% share of Snoopy Company's 20x8 dividend. journal entry has been entered Note: Record entry Credit Clear entry View general Journal b. Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry. Note: 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.