Collons Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for 000 book value of Snoopy's netts was equal to 1000 Peanut choose to the mementin Snoopy investment we be consolidated the balance data for Peanut and Snoopy of December 20 1 2 when the because the 71, 15, Dinds Declared 34. S . Bad Pyaat Co Stock Retained a 212, Dividend Eco Total (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 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 transactionist Journal entry worksheet No journal entry required Accounts payable Accounts receivable Accumulated depreciation Debit Credit b. Prepare a consolidation worksheet for 20XS (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 SSDIARY December 31, 208 A Peanut o snoopy Co Income Statement Sales Les Cost of goods Less Depreciation expense Les Sing & Administrative Dividend income Net income Statement of Retained Earnings Net incomeS Less: Dividends declared Ending Balance Balance Sheet Assets Accounts receivable Inventory Investment in Snoopy Co. L L Buildings & e ment Les Accumulated depreciation Total Assets Gabilities & Equity T T fonda payable ommon stock tained earnings tal Liabilities & Equity Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $318,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $318,000. 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, 20X8, are as follows: Snoopy Company D ebit Credit Peanut Company Credit 231,009 205,000 187,eee 318,000 204,000 90,00 69. 80,00 @ 63,000 714,000 186,089 276,00 66,000 132,060 15,00 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total 231,000 109,000 41,000 34,000 $ 448,000 58,eee 187, 493,000 527,689 794,600 34.ee $2,541,000 $3,000 43,000 87,000 219,eee 99,000 252.080 $2,541,000 $ 730,000 $730,000 (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 list Journal entry worksheet Record the initial investment in Snoopy Company. Collons Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for 000 book value of Snoopy's netts was equal to 1000 Peanut choose to the mementin Snoopy investment we be consolidated the balance data for Peanut and Snoopy of December 20 1 2 when the because the 71, 15, Dinds Declared 34. S . Bad Pyaat Co Stock Retained a 212, Dividend Eco Total (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 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 transactionist Journal entry worksheet No journal entry required Accounts payable Accounts receivable Accumulated depreciation Debit Credit b. Prepare a consolidation worksheet for 20XS (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 SSDIARY December 31, 208 A Peanut o snoopy Co Income Statement Sales Les Cost of goods Less Depreciation expense Les Sing & Administrative Dividend income Net income Statement of Retained Earnings Net incomeS Less: Dividends declared Ending Balance Balance Sheet Assets Accounts receivable Inventory Investment in Snoopy Co. L L Buildings & e ment Les Accumulated depreciation Total Assets Gabilities & Equity T T fonda payable ommon stock tained earnings tal Liabilities & Equity Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $318,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $318,000. 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, 20X8, are as follows: Snoopy Company D ebit Credit Peanut Company Credit 231,009 205,000 187,eee 318,000 204,000 90,00 69. 80,00 @ 63,000 714,000 186,089 276,00 66,000 132,060 15,00 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total 231,000 109,000 41,000 34,000 $ 448,000 58,eee 187, 493,000 527,689 794,600 34.ee $2,541,000 $3,000 43,000 87,000 219,eee 99,000 252.080 $2,541,000 $ 730,000 $730,000 (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 list Journal entry worksheet Record the initial investment in Snoopy Company