Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $306,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $306,000. 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	$	236,000						$	84,000
Accounts Receivable		215,000							82,000
Inventory		183,000							94,000
Investment in Snoopy Company		306,000							0
Land		200,000							98,000
Buildings & Equipment		701,000							185,000
Cost of Goods Sold		280,000							129,000
Depreciation Expense		69,000							12,000
Selling & Administrative Expense		241,000							40,000
Dividends Declared		115,000							29,000
Accumulated Depreciation				$	434,000						$	24,000
Accounts Payable					69,000							54,000
Bonds Payable					200,000							108,000
Common Stock					490,000							201,000
Retained Earnings					530,000							105,000
Sales					794,000							261,000
Dividend Income					29,000							0
Total	$	2,546,000		$	2,546,000			$	753,000		$	753,000

(Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Prepare the journal entries on Peanuts 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.)

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.)