Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $311,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $311,000. 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 Debit Credit Snoopy Company Debit Credit Cash $ 245,000 $ 73,000 Accounts Receivable 206,000 79,000 Inventory 197,000 75,000 Investment in Snoopy Company Land 311,000 219,000 90,000 Buildings & Equipment 714,000 181,000 Cost of Goods Sold 288,000 133,000 Depreciation Expense 51,000 11,000 Selling & Administrative Expense 240,000 53,000 Dividends Declared 101,000 31,000 Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total $ 433,000 74,000 $ 22,000 59,000 189,000 81,000 498,000 203,000 548,000 108,000 799,000 253,000 31,000 $2,572,000 $2,572,000 $726,000 $726,000 Required: a. Prepare the journal entries on Peanut's 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.) View transaction list A Record the initial investment in Snoopy Company. B 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.) Income Statement Sales Less: Cost of goods sold Less: Depreciation expense Less: Selling & Administrative expense Dividend income Net income PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated $ 0 $ 0 $ 0 $ 0 $ 0 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 $ 0 $ 0$ 0 $ 0$ 0 Total Assets $ 0 $ 0 $ 0 $ 0 $ 0 Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $ 0