Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $318,000 on January 1,208, when the book value of Snoopy's net assets was equal to $318,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31,208, are as follows: (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208. b. Prepare a consolidation worksheet for 208. Complete this question by entering your answers in the tabs below. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the initial investment in Snoopy Company. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1,208, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record Peanut Co.'s 100\% share of Snoopy Co.'s 208 income. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1,208, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record Peanut Co.'s 100% share of Snoopy Co.'s 208 dividend. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a consolidation worksheet for 208. Note: 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