Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $308,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $308,000. 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 Peanut Com Debit snoopy comp Credit Debit Credit $234, 000 $74, 000 Accounts Receivable Inventory Investment in Snoopy Comp any 210, 000 196, 000 308, 000 209, 000 706, 000 281, 000 61, 000 241, 000 103, 000 70, 000 80, 000 86, 000 194, 000 126, 000 11, 000 58, 000 25, 000 an Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accunul ated Depreciation Accounts Payable Bonds Payable Common Stock Retained Eamings Sales Dividend Income Total $442, 000 63, 000 192, 000 491, 000 553, 000 783, 000 25, 000 $2, 549, 000 2, 549, 000 $ 22, 000 48, 000 89, 000 201, 000 107, 000 257, 000 $724, 000 $724, 000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required a. Prepare the journal entries on Peanuts 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.) PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Peanut Co. Snoopy Co DR CR Consolidated Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense Dividend income Net income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co Land Buildings & Equipment Less: Accumulated depreciation Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity