Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $303,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $303,000. 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: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total Peanut Company Debit Credit Snoopy Company Debit Credit $ 232,000 190,000 $ 88,000 81,000 181,000 90,000 303,000 0 211,000 85,000 712,000 193,000 273,000 144,000 52,000 11,000 241,000 116,000 44,000 21,000 $ 431,000 $ 22,000 58,000 43,000 198,000 481,000 126,000 204,000 540,000 99,000 782,000 263,000 21,000 0 $2,511,000 $2,511,000 $757,000 $757,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) b. Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries < A B C D E Record the basic consolidation entry. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry view consolidation entries >