Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $306,000 on January 1 , 208, when the book value of Snoopy's net assets was equal to $306,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31,208, are as follows: (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entrles on Peanut's books for the acquisition of Snoopy on January 1,208, as well as any normal equity method entry(les) related to the investment in Snoopy Company during 20X8. (If no entry is requlred for a transactlon/event, select "No Journal entry required" In the first account fleld.) b. Prepare a consolidation worksheet for 208. (Velues In the first two columns (the "parent" and "subsidlery" belences) that are to be deducted should be Indleated with a minus slgn, while all values ln the "Consolldetlon Entrles" columns should be entered as positive values. For accounts where multiple adjusting entrles are required, combine all deblt entrles into one amount and enter thls amount In the deblt column of the worksheet. Similerly, combine all credlt entrles Into one amount and enter this amount ln