(Solved): Problem 2-22 (Static) Consolidated Worksheet at End of the Second Year of Ownership (Equity Method ...

Problem 2-22 (Static) Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) LO 2-3, 2-5, 2-6 Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for \( \$ 300,000 \) on January \( 1,20 \times 8 \), when the book value of Snoopy's net assets was equal to \( \$ 300,000 \). Accumulated depreciation on this date was \( \$ 10,000 \). 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, 20X9: (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during \( 20 \times 9 . \) b. Prepare a consolidation worksheet for \( 20 \times 9 . \) Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during \( 20 \times 9 . \) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet Record Peanut Company's 100\% share of Snoopy Company's \( 20 \times 9 \) income. Note: Enter debits before credits. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during \( 20 \times 9 . \) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet Record Peanut Company's 100\% share of Snoopy Company's 20X9 dividend. Note: Enter debits before credits. < Required A