Consolidated Worksheet and Balance Sheet on the Acquisition Date (Equity Method) Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for 5270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20x8, are as follows: Peanut Company Snoopy Company Assets Cash 55,000 20,000 Accounts Receivable 50,000 30,000 Inventory 100,000 0,000 Investment in Snoopy Stock 270,000 Land 225,000 100,000 Buildings and Equipment 700,000 200,000 Accumulated Depreciation (400,000) (10,000) Total Assets 1,000,000 400,000 Liabilities and Stockholders' Equity Accounts Payable 75,000 25,000 Bonds Payable 200,000 75,000 Common Stock 500,000 200,000 Retained Earnings 225,000 100,000 Total Liabilities and Equity 1,000,000 400,000 Required a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20XS b. Prepare a consolidation worksheet on the acquisition date, January 1, 20x8, in good form. c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8, in good form