Peanut Company acquired 80 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 $375,000. Peanut uses the equity method to account for Investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9: Peanut Company Snoopy Company Credit Debit Credit Debit $ 272,000 $ 77,000 82, eee Cash Accounts Receivable Inventory Investment in Snoopy Company 200, eee 193,e00 319, ४e8 216, ee0 706, e00 118,000 Land 81,000 Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared 375,e00 47,000 221, eee 199, e00 155,000 13,000 54, 250 34, 000 224, ee0 $ 487,0ee 55,000 $ 39, e00 Accumulated Depreciation Accounts Payable Bonds Payable 39,e00 79,250 137,0ee Common Stock 491,000 187, ee0 150, eee 319, eee Retained Earnings 682,400 844,00e 77,400 Sales Income from Snoopy Company $ 813, 250 s813, 25e Total $2,773,800 $2,773,8ee Required: a. Prepare any equity method journal entryies) related to the investment in Snoopy Company during 20X9. (If no entry is required for a transection/event, select "No Journal entry required" in the first account fleld.) Answer is not complete. No Event General Journal Debit Credit Investment in Snoopy Co. Income from Snoopy Co. 2 Cash Investment in Snoopy Co. b. Prepare a consolidation worksheet for 20X9. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry and that the depreciation expense was the same amount in both 20x8 and 20oX9. (Values In the first two columns (the "parent" and "subsidlary" balances) that are to be deducted should be Indicated with e minus sign, whlle all values In the "Consolldation Entrles" columns should be entered as positive values. For accounts where multiple acjusting entries are requlred, combine all debit entries Into one amount and enter this amount in the debit column of the worksheet. Simllerly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet.)