#6

Peanut Compony acquired 100 percent of Snoopy Company's outstanding common stock for $305,000 on Januory 1,208, when the book volue of 5 noopy's net assets was equal to $305,000. Peanut uses the equity method to occount for investments. Trial bolance doto for Peanut and Snoopy os of December 31, 208, ore as follows: (Assume the compony prepares the optional Accumuloted Depreciation Elimination Entry) Required: a. Prepore the journal entries on Peanut's books for the acquisition of Snoopy on Januory 1. 20x8, as well as any normol equity method entry(ies) related to the investment in Snoopy Compony during 208. b. Frepore s consolidation worksheet for 208. Complete this question by entering your answers in the tabs below. Prepare the journal entries ch Peanut's bocks for the acyuisition of Snoupy on January 1, 20x8, as well as any normat equity method entry(ies) related la the investiment in Snoopy Company during 208. Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1,208, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 208. Complete this question by entering your answers in the tabs below. Prepare a consoldation worksheet for 208. Note: Values in the first two columns \{the "parent" and "subsingary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be antar ed as positive values. For accounts where fititiple ddjustirig enitries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, kombine dil tredit entries into one amotint and enter this amount in the credit columin of the workstieet