Peanut Company acquired $100$ percent of Snoopy Companys outstanding common stock for $$305,000$ on January $1,20$X$8,$ when the book value of Snoopys net assets was equal to $$305,000.$ Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December $31,20$X$8,$ are as follows: Peanut CompanySnoopy Company DebitCreditDebitCreditCash$ $138,000$ $ $71,000$ Accounts Receivable$181,00078,000$ Inventory$215,00094,000$ Investment in Snoopy Company$362,0000$ Land$213,000100,000$ Buildings and Equipment$713,000197,000$ Cost of Goods Sold$205,000131,000$ Depreciation Expense$52,00010,000$ Selling and Administrative Expense$229,00043,000$ Dividends Declared$113,00023,000$ Accumulated Depreciation $ $439,000$ $ $20,000$Accounts Payable $71,00056,000$Bonds Payable $196,000102,000$Common Stock $484,000210,000$Retained Earnings $359,00095,000$Sales $792,000264,000$Income from Snoopy Company $80,0000$Total$ $2,421,000$$ $2,421,000$$ $747,000$$ $747,000($Assume the company prepares the optional Accumulated Depreciation Elimination Entry$)$Required:Prepare the journal entries on Peanuts books for the acquisition of Snoopy on January $1,20$X$8,$ as well as any normal equity method entry$($ies$)$ related to the investment in Snoopy Company during $20$X$8.$Prepare a consolidation worksheet for $20$X$8.$