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1. Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $319,500 on January 1, 2019, when the book value of Snoopys net assets was equal to $355,000. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 2019:

	Peanut Company		Snoopy Company
	Debit	Credit	Debit	Credit
Cash	255,000		75,000
Accounts Receivable	190,000		80,000
Inventory	180,000		100,000
Investment in Snoopy Stock	364,500		0
Land	200,000		100,000
Buildings & Equipment	700,000		200,000
Cost of Goods Sold	270,000		150,000
Depreciation Expense	50,000		10,000
Selling & Administrative Expense	230,000		60,000
Dividends Declared	225,000		30,000
Accumulated Depreciation		500,000		30,000
Accounts Payable		75,000		35,000
Bonds Payable		150,000		85,000
Common Stock		500,000		200,000
Retained Earnings		517,500		155,000
Sales		850,000		300,000
Income from Snoopy		72,000		0
Total	2,664,500	2,664,500	805,000	805,000

1. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 2019.
2. Prepare a consolidation worksheet for 2019 in good form

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