Ee 104. Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $279,000 on January 1, 20X8, when thebook value of Snoopy's net assets was equal to $310,000. Peanut uses the equity method to account for investments. Trial balancedata for Peanut and Snoopy as of December 31, 20X8, follow:CashAccounts ReceivableInventoryInvestment in Snoopy CompanyLandBuildings and EquipmentCost of Goods SoldDepreciation ExpenseSelling & Administrative ExpenseDividends DeclaredAccumulated DepreciationAccounts PayableBonds PayableCommon StockRetained EarningsSalesIncome from Snoopy CompanyTotalPeanut CompanyDebit$ 159,000177,000212,000324,000324,888209,000703,000191,00047,000207,00097,000$2,326,000Credit$ 437,00072,000188,000490,000275,300789,00074,700$2,326,000Snoopy CompanyDebitCredit$ 83,00067,00075,00094,000195,000115,00010,00039,00033,000$711,000$ 20,00057,00077,000194,000116,000247,0000$711,000Required:a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. (If no entry is required for atransaction/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 ConsolidationEntry. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with aminus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts wheremultiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of theworksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Equity method is used to report investment of a company in another company. It is used in both US.…

Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $279,000 on January 1, 20X8, whe book value of Snoopy's net assets was equal to $310,000. Peanut uses the equity method to account for investments. Trial balar data for Peanut and Snoopy as of December 31, 20X8, follow: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total Peanut Company Debit $ 159,000 177,000 212,000 324,000 324,888 209,000 703,000 191,000 47,000 207,000 97,000 $2,326,000 Credit $ 437,000 72,000 188,000 490,000 275,300 789,000 74,700 $2,326,000 Snoopy Company Debit $ 83,000 67,000 75,000 94,000 195,000 115,000 10,000 39,000 33,000 $711,000 Credit $ 20,000 57,000 77,000 194,000 116,000 247,000 0 $711,000 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.)

Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $279,000 on January 1, 20X8, whe book value of Snoopy's net assets was equal to $310,000. Peanut uses the equity method to account for investments. Trial balar data for Peanut and Snoopy as of December 31, 20X8, follow: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total Peanut Company Debit $ 159,000 177,000 212,000 324,000 324,888 209,000 703,000 191,000 47,000 207,000 97,000 $2,326,000 Credit $ 437,000 72,000 188,000 490,000 275,300 789,000 74,700 $2,326,000 Snoopy Company Debit $ 83,000 67,000 75,000 94,000 195,000 115,000 10,000 39,000 33,000 $711,000 Credit $ 20,000 57,000 77,000 194,000 116,000 247,000 0 $711,000 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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