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b$.$ Prepare a consolidation worksheet for $208.$ Assume the company prepares the optional Accumulated Depreciation Consolidation Entry.

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.

$\backslash$table$[[$PEANUT COMPANY AND SUBSIDIARY$],[$Consolidated Financial Statement Worksheet$],[$December $31,20$X$8],[,\backslash$table$[[$Peanut$],[$Company$]],\backslash$table$[[$Snoopy$],[$Company$]],$Consolidation Entries,Consolidated$],[,$Debit,Credit$],[$Income Statement$],[$Sales$,$$ $790,000,$$ $246,000,,,$$ $1,036,000],[$Less: COGS,$(186,000)>,(115,000),,,(301,000)],[$Less: Depreciation expense,$(45,000),(10,000),,,(55,000)],[$Less: Selling & Administrative Expense,$(224,000),(41,000)>,,,(265,000)],[$Income from Snoopy Company,$72,000>,0,72,000>,,0],[$Consolidated net income,$407,000,80,000,72,000,0,415,000],[$Noncontrolling interest in net income,,,$\backslash$times $,41,200,(41,200)],[$Controlling Interest in Net Income,$$407,000,$$ $80,000,$$ $72,000,$$ $41,200,$$ $373,800],[$Statement of Retained Earnings$],[$Beginning balance,$ $314,100,$$ $146,000,$$ $146,000,,$$ $314,100],[$Net income,$407,000,80,000,72,000,41,200,373,800],[$Less: Dividends declared,$(84,000),(20,000)>,,20,000>,(84,000)],[$Ending Balance,$$637,100,$$ $206,000,$$ $218,000,$$ $61,200,$$ $603,900],[$Balance Sheet$],[$Assets$],[$Cash$,$$ $174,000,$$ $83,000,,,$$ $257,000],[$Accounts receivable,$166,000,77,000,,,243,000],[$Inventory$,210,000,94,000,,,304,000],[$Investment in Snoopy Company,$359,100,,,359,100,0],[$Land$,204,000,97,000,,,301,000],[$Buildings and equipment,$710,000,197,000,,10,000,897,000],[$Accumulated depreciation,$(439,000),(20,000)>,10,000>,,(449,000)],[$Total Assets,$\backslash$table$[[$$$1,384,100]],$$ $528,000,$$ $10,000,$$ $369,100,$$ $1,553,000]]\backslash$table$[[$Liabilities & Stockholders' Equity$],[$Accounts payable,$ $70,000,$$ $55,000,,,$$$,125,000],[$Bonds payable,$196,000,74,000,,,,270,000],[$Common stock,$481,000,193,000,193,000,,,481,000],[$Retained earnings,$637,100,206,000,218,000,61,200,,686,300],[$Noncontrolling interest in net assets of Snoopy Company,,,$73,100,\backslash$times $,,(73,100)],[$Total Liabilities & Stockholders' Equity,$\backslash$table$[[\backslash$table$[[$$$1,384,100]]]],$$ $528,000,$$ $484,100,$$ $61,200,$$$,1,489,200]]$

"Red text indicates no response was expected in a cell or a formula$-$based calculation is incorrect; no points deducted.Peanut Company acquired $90$ percent of Snoopy Company's outstanding common stock for $$305,100$ on January $1,20$X$8,$ when the book value of Snoopy's net assets was equal to $$339,000.$ Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December $31,20$X$8,$ follow:

$\backslash$table$[[,$Peanut Company,Snoopy Company$],[,$Debit,Credit,Debit,Credit$],[$Cash$,$$ $174,000,,$$ $83,000,],[$Accounts Receivable,$166,000,,77,000,],[$Inventory$,210,000,,94,000,],[$Investment in Snoopy Company,$359,100,,,],[$Land$,204,000,,97,000,],[$Buildings and Equipment,$710,000,,197,000,],[$Cost of Goods Sold,$186,000,,115,000,],[$Depreciation Expense,$45,000,,10,000,],[$Selling & Administrative Expense,$224,000,,41,000,],[$Dividends Declared,$84,000,,20,000,],[$Accumulated Depreciation,,$$439,000,,$$$20,000],[$Accounts Payable,,$70,000,,55,000],[$Bonds Payable,,$196,000,,74,000],[$Common Stock,,$481,000,,193,000],[$Retained Earnings,,$314,100,,146,000],[$Sales$,,790,000,,246,000],[$Income from Snoopy Company,,$72,000,,0],[$Total$,$$$2,362,100,$$$2,362,100,$$$734,000,$$$734,000]]$

Required:

a$.$ Prepare any equity method entry$($ies$)$ related to the investment in Snoopy Company during $20$X$8.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[$No$,$Event,General Journal,Debit,Credit$],[1,$A$.,$Investment in Snoopy Company,$(,305,100,],[,,$Cash,$(2),,305,100],[2,$B$.,$Investment in Snoopy Company,$(2),64,800\backslash$times $,],[,,$Income from Snoopy Company,$(,,64,800\backslash$times $],[3,$C$.,$Cash,$(2),18,000,],[,,$Investment in Snoopy Company,$(2),,18,000]]$

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