Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $307,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $307,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9

Peanut Company Snoopy Company Debit Credit Debit Credit Cash $ 239,000 $ 90,000 Accounts Receivable 204,000 87,000 Inventory 192,000 114,000 Investment in Snoopy Company 307,000 0 Land 214,000 117,000 Buildings & Equipment 719,000 203,000 Cost of Goods Sold 284,000 134,000 Depreciation Expense 67,000 13,000 Selling & Administrative Expense 234,000 63,000 Dividends Declared 227,000 33,000 Accumulated Depreciation $ 512,000 $ 39,000 Accounts Payable 61,000 20,000 Bonds Payable 135,000 76,000 Common Stock 490,000 199,000 Retained Earnings 614,000 235,000 Sales 842,000 285,000 Dividend Income 33,000 0 Total $ 2,687,000 $ 2,687,000 $ 854,000 $ 854,000

PEANUT COMPANY AND SUBSIDIARY
Consolidated Financial Statements Worksheet
December 31, 20X9
			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	$0	$0	$0	$0	$0
Statement of Retained Earnings
Beginning balance
Net income
Less: Dividends declared
Ending Balance	$0	$0	$0	$0	$0
Balance Sheet
Assets
Cash
Accounts receivable
Inventory
Investment in Snoopy Co.
Land
Buildings & Equipment
Less: Accumulated depreciation
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