Reporting ma P2-21 2-6 Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $300,000 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, are as follows: Snoopy Company Debit Credit Peanut Company Credit Debit Cash $ 130,000 Accounts Receivable 165,000 $ 80,000 65,000 75,000 Inventory 200,000 0 Investment in Snoopy Company 355,000 100,000 Land 200,000 200,000 Buildings & Equipment 700,000 Cost of Goods Sold 125,000 200,000 Depreciation Expense 10,000 50,000 S&A Expense 40,000 225,000 Dividends Declared 100,000 20,000 Accumulated Depreciation $ 450,000 $ 20,000 Accounts Payable 75,000 60,000 Bonds Payable 200,000 85,000 Common Stock 500,000 200,000 Retained Earnings 225,000 100,000 Sales 800,000 250,000 Income from Snoopy Company 75,000 0 Total $2,325,000 $2,325,000 $715,000 $715,000 Required a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity-method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 20X8 in good form. Consolidated W