1 25 points Dante Book Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $313,000 on January 1, 20XB, when the book value of Snoopy's net assets was equal to $313,000. Peanut chooses to carry the investment in Snoopy at cost because the Investment will be consolidated. Trial balance data for Peanut and Snoopy as of December 31, 20XB, are as follows: - Peanut Company any Snoopy Company CE Deewata Receivable Canh 5 241, ! $ 200,000 3,000 Inventory 109,000 31,909 Investment in Snoopy Company 313,000 207, 100,000 buildings & Equipment 705,000 103,000 Contot Good Sold 276,00 130,000 Depreciation Expanas 57,000 11,000 rative pene 236,00 40,000 Dividenda Declared 101,00 35,000 Related Depreciation 5 447,000 $ 22,000 Accounts Payable 55,00 40.000 Donde Payable 100,000 103,600 Comen Boek 499,000 210.000 Ratsised Earninga 513,000 103,000 796, __ 260,000 Dividend Inc S. DOO Total $2,533,000 $2,533,000 $745,000 5746,000 Print Recen (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20x8, as well as any other entries related to the investment in Snoopy Company during 20x8. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction Journal entry worksheet > Record the initial investment in Snoopy Company Note: Enter debitore di Event 1 General Journal Debit Credit Record entry Clear entry View general Journal b. Prepare a consolidation worksheet for 20X8. (Values in the first two columns (the parent and subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Income Statement Sales Less: Cost of goods sok Lesa: Depreciation expense Lesa: Seling & Administrative expense Dividend income Not income OS $ Statement of Retained Earnings Beginning balance Not incante Lesa: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co Land Buildings & Equipment Less: Accumulated depreciation Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earings Total Liabilities & Equity 0$ 05