Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $303,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $303,000. 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 $ 241,000 $ 86,000 Accounts Receivable 201,000 70,000 Inventory 196,000 91,000 Investment in Snoopy Company 303,000 0 Land 201,000 87,000 Buildings & Equipment 714,000 189,000 Cost of Goods Sold 287,000 126,000 Depreciation Expense 56,000 10,000 Selling & Administrative Expense 232,000 52,000 Dividends Declared 109,000 35,000 Accumulated Depreciation $ 445,000 $ 20,000 Accounts Payable 60,000 45,000 Bonds Payable 188,000 127,000 Common Stock 496,000 212,000 Retained Earnings 520,000 91,000 Sales 796,000 251,000 Dividend Income 35,000 0 Total $ 2,540,000 $ 2,540,000 $ 746,000 $ 746,000 (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.)