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I appreciate all the assistance with this problem Peanut Company ecqulred go percent of Snoopy Company's outstendlng common stock for S270,OOO on January 1. 20X8.
I appreciate all the assistance with this problem
Peanut Company ecqulred go percent of Snoopy Company's outstendlng common stock for S270,OOO on January 1. 20X8. when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the egulty method to account for Investments Trlel balance data for Peanut and Snoopy as of December 31, 20X8, follow: zee, ege Snoopy C 'lg,so 298, ege lee , Tee, ege zee, gee 125, gee 22s leg, oge s 2e,eee zee, egg seg, zee , gee 22s,eeg lee, eee Beg, egg 2se,eee f snoopy Debit Buildings Lost selli Bonds d Equipm sold Company Cr edi t asg,eeg 'S, egg seg s 2,313, see Snoopy Debit ss , gee 3S,ee le , goe ae , eoe OF Goods g Administrati Dividends De Accumulated Depreciation Payable payable n Stock Retained Earn Be, eee SS , gee s 31S,eee Required: e. Prepare any equlty method entry(les) related to the Investment In Snoopy Company during 20X8_ Note: If no entry 15 required for a transactlon/event, select "No Journal entry requlred" In the first account field. Journal entry worksheet the initial in Company Note: EnV before b. Prepare a consolldatlon worksheet for 20X8_ Assume the company prepares the optlonel Accumulated Depreclatlon Consolldetlon Entry Note: Values In the first two columns (the "parent" and "subsldlary" balances) that are to be deducted should be Indlcated with a mlnus slgn, while all values In the "Consolldetlon Entrles" columns should be entered as posltlve values. For accounts where multlple adjustlng entrles are required, comblne ell debit entrles Into one amount end enter this amount In the debit column of the worksheet. Slmllarly, comblne all credit entries Into one amount and enter thls amount In the credit column of the worksheet. In me Statement F - Worksht 31, 20X8
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