Peanut Company acquired $100$ percent of Snoopy Company's outstanding common stock for $$319,000$ on January $1,208,$ when the book value of Snoopy's net assets was equal to $$319,000.$ Peanut chooses to carry the investment in Snoopy at cost because the Investment will be consolidated. Trlal balance data for Peanut and Snoopy as of December $31,20$X$8,$ are as follows:

$\backslash$table$[[,$Peanut Company,Snoopy Company$],[,$Debit,Credit,Debit,Credit$],[$Cash$,,$$$246,009,,,,$$$89,000,,],[$Accounts Receivable,,$203,000,,,,80,000,,],[$Inventory$,,198,000,,,,83,000,,],[$Investment in Snoopy Company,,$319,000,,,,9,,],[$Land$,,203,000,,,,88,009,,],[$Buildings and Equipment,,$720,000,,,,191,000,,],[$Cost of Goods Sold,,$273,000,,,,135,000,,],[$Depreciation Expense,,$53,000,,,,12,000,,],[$Selling and Administrative Expense,,$239,000,,,,49,000,,],[$Dividends Declared,,$118,000,,,,40,009,,],[$Accumulated Depreciation,,,,$$443,000,,,,524,000],[$Accounts Payable,,,,$60,009,,,,45,\backslash$theta $0\backslash$theta $],[$Bonds Payable,,,,$195,090,,,,122,0],[$Common Stock,,,,$483,090,,,,202,009],[$Retained Earnings,,,,$554,090,,,,117,0$ e$],[$Sales$,,,,797,00,,,,257,000],[$Dividend Income,,,,$40,090,,,,9],[$Total$,$$$,2,572,000,$$$,2,572,000,,767,000,,767,000]]$

$($Assume the company prepares the optional Accumulated Depreclation Elimination Entry.$)$

Required:

a$.$ Prepare the Journal entrles on Peanut's books for the acquisition of Snoopy on January $1,20$X$8,$ as well as any other entrles related to the Investment in Snoopy Company during $20$X$8.$

b$.$ Prepare a consolidation worksheet for $208.$