Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20X8. when the book value of Snoopy's net assets was equal to $304,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. Trial balance data for Peanut and Snoopy as of December 31, 20x8, are as follows: Snoopy Company Debit $ 76,000 Peanut Company Credit Debit Credit 231,000 197,000 192,000 304,000 210,000 701,000 289,000 Cash Accounts Receivable 81,000 83,000 Inventory Investment in Snoopy Company 0 Land 92,000 198,000 141,000 13,000 Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense 66,000 40,000 29,000 233,000 103,000 Dividends Declared $ 26,000 Accumulated Depreciation Accounts Payable Bonds Payable 441,000 56,000 191,000 488,000 41,000 122,000 209,000 95,000 Common Stock Retained Earnings 525,000 796,000 29,000 Sales 260,000 Dividend Income C $753,000 $753,000 $2,526,000 $2,526,000 Total (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 entries related to the investment in Snoopy Company during 20x8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any other entries related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 dividend Note: Enter debits before credits. Debit Credit Event General Journal 2 Record entry Clear entry View general journal Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any other entries related to the investment in Snoopy Company during 20x8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet B Record the initial investment in Snoopy Company. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry View general journal Clear entry b. Prepare a consolidation worksheet for 20x8. (Values In the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multi ple adjusting entries are required, combine all deblt entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Income Statement Sales of goods sold Less: Co Less: Depreciation expense Less: Selling & Administrative expense Dividend income 0 0 Net income S S S 0 Statement of Retained Earnings Beginning balance Net inoome Less: Dividends declared 0 S 0 0 S Ending Balance S S 0 S 0 Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings & Equipment Less: Accumulated depreciation Total Assets 0 0 S S 0 S S 0 S C Liabilities & Equity Accounts payable Bonds payable Common stock Retained eamnings Total Liabilities & Equity S 0 S 0 S S 0 S 0