Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $309,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $309,000. 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	$	234,000						$	87,000
Accounts Receivable		211,000							75,000
Inventory		185,000							77,000
Investment in Snoopy Company		309,000							0
Land		204,000							87,000
Buildings & Equipment		706,000							196,000
Cost of Goods Sold		274,000							129,000
Depreciation Expense		69,000							12,000
Selling & Administrative Expense		238,000							45,000
Dividends Declared		100,000							39,000
Accumulated Depreciation				$	442,000						$	24,000
Accounts Payable					59,000							44,000
Bonds Payable					184,000							111,000
Common Stock					489,000							207,000
Retained Earnings					535,000							102,000
Sales					782,000							259,000
Dividend Income					39,000							0
Total	$	2,530,000		$	2,530,000			$	747,000		$	747,000

(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.)