Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $320,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $320,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling and Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy- Company Total Peanut Company Debit $ 132,000 172,000 213,000 354,000 217,000 706,000 209,000 64,000 239,000 117,000 $ 2,423,000 Credit $ 435,000 70,000 196,000 482,000 398,000 786,000 56,000 $ 2,423,000 Snoopy Company Debit $ 86,000 80,000 83,000 0 89,000 189,000 134,000 12,000 58,000 22,000 $ 753,000 Credit $ 24,000 55,000 94,000 207,000 113,000 260,000 0 $ 753,000 (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 normal equity method entry(ies) related to the investment in Snoopy Company during 20X8. b. Prepare a consolidation worksheet for 20X8. 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 normal equity method entry(tes) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet Record Peanut Co:'s 100% share of Snoopy Co.'s 208 dividend. Note: Enter debits before credits. PEANUY COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31,203 S Roquilred A Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $320,000 on January 1 , 20X8, when the book value of Snoopy's net assets was equal to $320,000. Peanut uses the equity method to account for investments. 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: o. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity method entry(ies) related 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 fournal entries on Peanut's books for the ocquisition of Snoopy on January 1,208, ar well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, kelect "No joumal entry required" in the first account fleid. Journal entry worksheet Record Peanut Co.'s 100% share of Snoopy Co.'s 208 income: Note: Enter debits before credits. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1,208, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Journal entry worksheet Record the initial investment in Snoopy Company. Note: Eniler debits before credits