Peanut Company acquired 90 percent of Snoopy Company s outstanding common
Peanut Company acquired 90 percent of Snoopy Company’s outstanding common stock for $270,000 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:



Required
a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8.
b. Prepare a consolidation worksheet for 20X8 in goodform.
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