Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $305,100 on January 1, 20X8, when the book value of Snoopys net assets was equal to $339,000. 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								$	74,000
Accounts Receivable			172,000									66,000
Inventory			209,000									93,000
Investment in Snoopy Company			350,100
Land			214,000									99,000
Buildings and Equipment			718,000									185,000
Cost of Goods Sold			198,000									109,000
Depreciation Expense			44,000									9,000
Selling & Administrative Expense			224,000									31,000
Dividends Declared			87,000									33,000
Accumulated Depreciation						$	435,000								$	18,000
Accounts Payable							58,000									43,000
Bonds Payable							195,000									67,000
Common Stock							495,000									183,000
Retained Earnings							340,400									156,000
Sales							786,000									232,000
Income from Snoopy Company							74,700									0
Total		$	2,384,100			$	2,384,100				$	699,000			$	699,000

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.)