Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $303,000 on January 1, 20X8, when the book value of Snoopys 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:

	Peanut Company							Snoopy Company
	Debit			Credit				Debit			Credit
Cash	$	235,000						$	74,000
Accounts Receivable		211,000							74,000
Inventory		183,000							93,000
Investment in Snoopy Company		303,000							0
Land		204,000							98,000
Buildings & Equipment		701,000							190,000
Cost of Goods Sold		281,000							130,000
Depreciation Expense		66,000							16,000
Selling & Administrative Expense		241,000							53,000
Dividends Declared		111,000							29,000
Accumulated Depreciation				$	443,000						$	32,000
Accounts Payable					55,000							40,000
Bonds Payable					184,000							121,000
Common Stock					480,000							200,000
Retained Earnings					553,000							103,000
Sales					792,000							261,000
Dividend Income					29,000							0
Total	$	2,536,000		$	2,536,000			$	757,000		$	757,000

PEANUT COMPANY AND SUBSIDIARY
Consolidated Financial Statements Worksheet
December 31, 20X8
			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