Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $304,000 on January 1, 20X8, when the book value of Snoopys 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:

	Peanut Company							Snoopy Company
	Debit			Credit				Debit			Credit
Cash	$	234,000						$	78,000
Accounts Receivable		205,000							77,000
Inventory		196,000							86,000
Investment in Snoopy Company		304,000							0
Land		214,000							81,000
Buildings & Equipment		707,000							194,000
Cost of Goods Sold		281,000							128,000
Depreciation Expense		68,000							15,000
Selling & Administrative Expense		245,000							55,000
Dividends Declared		112,000							33,000
Accumulated Depreciation				$	445,000						$	30,000
Accounts Payable					74,000							59,000
Bonds Payable					180,000							100,000
Common Stock					481,000							213,000
Retained Earnings					572,000							91,000
Sales					781,000							254,000
Dividend Income					33,000							0
Total	$	2,566,000		$	2,566,000			$	747,000		$	747,000

(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.)

Record the initial investment in Snoopy Company. Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 dividend.

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 multiple adjusting entries are required, combine all debit 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.)