Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $307,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $307,000. 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	$ 243,000		$ 72,000
Accounts Receivable	206,000		81,000
Inventory	185,000		91,000
Investment in Snoopy Company	307,000		0
Land	209,000		92,000
Buildings and Equipment	715,000		198,000
Cost of Goods Sold	282,000		133,000
Depreciation Expense	57,000		11,000
Selling and Administrative Expense	235,000		44,000
Dividends Declared	119,000		37,000
Accumulated Depreciation		$ 434,000		$ 22,000
Accounts Payable		74,000		59,000
Bonds Payable		184,000		111,000
Common Stock		480,000		219,000
Retained Earnings		561,000		88,000
Sales		788,000		260,000
Dividend Income		37,000		0
Total	$ 2,558,000	$ 2,558,000	$ 759,000	$ 759,000

(Assume the company prepares the optional Accumulated Depreciation Elimination Entry.)

Required:

1. 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.
2. Prepare a consolidation worksheet for 20X8.