Ch 3 Algo HW (i Help Save \& Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for \(\$ 309,600\) on January 1,20X8, when the book value of Snoopy's net assets was equal to \(\$ 344,000\). Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31,20X8, follow: 50 points \begin{tabular}{|l|l|l|l|l|}\hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{Peanut Company} & \multicolumn{2}{|c|}{Snoopy Company}\\\hline & Debit & Credit & Debit & Credit \\\hline Cash & \$ 171,000 & & \$ 81,000 & \\\hline Accounts Receivable & 174,000 & & 79,000 & \\\hline Inventory & 216,000 & & 79,000 & \\\hline Investment in Snoopy Company & 345,600 & & & \\\hline Land & 214,000 & & 92,000 & \\\hline Buildings and Equipment & 718,000 & & 198,000 & \\\hline Cost of Goods Sold & 183,000 & & 108,000 & \\\hline Depreciation Expense & 41,000 & & 10,000 & \\\hline Selling \& Administrative Expense & 215,000 & & 53,000 & \\\hline Dividends Declared & 83,000 & & 36,000 & \\\hline Accumulated Depreciation & & \$ 447,000 & & \$ 20,000\\\hline Accounts Payable & & 60,000 & & 45,000\\\hline Bonds Payable & & 198,000 & & 80,000\\\hline Common Stock & & 496,000 & & 182,000\\\hline Retained Earnings & & 295,200 & & 162,000\\\hline Sales & & 796,000 & & 247,000\\\hline Income from Snoopy Company & & 68,400 & & 0\\\hline Total & \$ 2,360,600 & \$ 2,360,600 & \$ 736,000 & \$ 736,000\\\hline \end{tabular} Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entrv. 2Required:a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8.b. Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry.Answer is not complete.Complete this question by entering your answers in the tabs below.Required ARequired BPrepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8.Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field.Cash Ch 3 Algo HW iHelpSave \& ExitSubmit2Journal entry worksheet50points\(\square \)\(\square \)Record the initial investment in Snoopy Company.eBookPrintNote: Enter debits before credits.References\begin{tabular}{|l|l|l|l|}\hline Event & General Journal & Debit & Credit \\\hline A. & Investment in Snoopy Company & 345,600 & \\\hline & Cash & & 345,600\\\hline & \multicolumn{2}{|c|}{} & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{tabular}\(\square \) Journal entry worksheetRecord Peanut Company's 90\% share of Snoopy Company's 20X8 income.Note: Enter debits before credits. Ch 3 Algo HW iSavedHelpSave \& ExitSubmit2Journal entry worksheet50pointseBookPrintRecord Peanut Company's \(90\%\) share of Snoopy Company's 20X8 d