Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Peanut Company Snoopy Company Debit Credit Debit Credit Cash $ 130,000 S $ 80,000 Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment 165,000 65,000 200,000 75,000 355,000 200,000 100,000 700,000 200,000 Cost of Goods Sold 200,000 125,000 Depreciation Expense 50,000 10,000 Selling and Administrative Expense 225,000 Dividends Declared 100,000 40,000 20,000 Accumulated Depreciation $ 450,000 $ 20,000 Accounts Payable 75,000 60,000 Bonds Payable 200,000 85,000 Common Stock 500,000 200,000 Retained Earnings 225,000 100,000 Sales 800,000 250,000 Income from Snoopy Company 75,000 Total (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) $ 2,325,800 $ 2,325,000 $ 715,000 = $ 715,000 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 20x8 b. Prepare a consolidation worksheet for 20X8.