Peanut Company acqulred $80$ percent of Snoopy Company's outstanding common stock for $$300,000$ on January $1,20$X$8,$ when the

book value of Snoopy's net assets was equal to $$375,000.$ Peanut uses the equity method to account for investments. The following

trlal balance summarlzes the financlal position and operations for Peanut and Snoopy as of December $31,20$X$9$:

Required:

a$.$ Prepare any equity method journal entry$($les$)$ related to the Investment In Snoopy Company during $209.$

Note: 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 $20$X$9.$ Assume the company prepares the optional Accumulated Depreciation Consolidation

Entry and that the depreclation expense was the same amount In both $208$ and $209.$

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.