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Peanut Company acquired 1 0 0 percent of Snoopy Company's outstanding common stock for $ 3 1 4 , 0 0 0 on January 1

Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $314,000 on January 1,20x
book value of Snoopy's net assets was equal to $314,000. Peanut chooses to carry the investment in Snoopy at cost bec
investment will be consolidated. Trial balance data for Peanut and Snoopy as of December 31,20X8, are as follows:
(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 e
to the investment in Snoopy Company during 208.
b. Prepare a consolidation worksheet for 208.
Complete this question by entering your answers in the tabs below.
Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1,20X8, as well as any other entries
the investment in Snoopy Company during 20X8.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
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