Check my work Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $342,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $380,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: Peanut Company Snoopy Company $ 30,000 40,000 71,000 Assets Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity $ 60,000 55,000 109,000 342,000 236,000 718,000 (395,000). $1,125,000 111,000 211,000 (6.000) $ 457,000 $ 56,000 193,000 496,000 380,000 $1,125,000 $ 21,000 56,000 193,000 187,000 $457,000 Required: 6 of 6 Next > SEP W 21 b. Prepare a consolidation worksheet on the acquisition date, January 1, 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 Balance Sheet Worksheet 1/1/20XB Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings and equipment Accumulated depreciation Total Assets $ os 0 $ 0 $ 0$ 0 Liabilities & Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings NCI IN NA of Snoopy Co. $ 0 $ ols Total Liabilities & Stockholders' Equity os 0$ 8 SEP c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8. (Amounts to be deducted should be indicated by a minus sign.) PEANUT COMPANY AND SUBSIDIARY Consolidated Balance Sheet 1/20x8 Assets $ Total Assets Liabilities & Equity Total Liabilities & Equity $ SEP H 1) P