Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $311,200 on January 1, 20X8, when the book value of Snoopys net assets was equal to $389,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow:

	Peanut Company					Snoopy Company
Assets
Cash		$	67,000				$	38,000
Accounts Receivable			62,000					48,000
Inventory			117,000					72,000
Investment in Snoopy Company			311,200
Land			229,000					116,000
Buildings and Equipment			713,000					216,000
Accumulated Depreciation			(398,000	)				(6,000	)
Total Assets		$	1,101,200				$	484,000
Liabilities and Stockholders Equity
Accounts Payable		$	72,000				$	23,000
Bonds Payable			185,000					72,000
Common Stock			486,000					185,000
Retained Earnings			358,200					204,000
Total Liabilities and Equity		$	1,101,200				$	484,000

Required: a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8.

b. Prepare a consolidation worksheet on the acquisition date, January 1, 20X8.

c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8.