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 $31,20$X$8,$ 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 $1,20$X$8,$ 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 $1,20$X$8,$ as well as any other entries

the investment in Snoopy Company during $20$X$8.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet