10 3 points Problem 3-27 (Static) Consolidation Worksheet at End of the First Year of Ownership (Equity Method) LO 3-4, 3-5 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, follow: eBook Print References 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 Required: Peanut Company Debit Credit $ 158,000 165,000 200,000 319,500 200,000 700,000 200,000 50,000 225,000 100,000 Snoopy Company Debit Credit $ 80,000 65,000 75,000 0 100,000 200,000 125,000 10,000 40,000 20,000 $ 450,000 75,000 200,000 500,000 $ 20,000 60,000 85,000 200,000 225,000 800,000 100,000 250,000 67,500 0 $ 2,317,500 $ 2,317,500 $ 715,000 $ 715,000 a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.