Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $298,400 on January 1, 20X8, when the book value of Snoopys net assets was equal to $373,000. 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		$	73,000				$	37,000
Accounts Receivable			68,000					47,000
Inventory			104,000					74,000
Investment in Snoopy Company			298,400
Land			241,000					109,000
Buildings and Equipment			715,000					210,000
Accumulated Depreciation			(389,000	)				(10,000	)
Total Assets		$	1,110,400				$	467,000
Liabilities and Stockholders Equity
Accounts Payable		$	71,000				$	23,000
Bonds Payable			188,000					71,000
Common Stock			489,000					188,000
Retained Earnings			362,400					185,000
Total Liabilities and Equity		$	1,110,400				$	467,000

Required: a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the initial investment in Snoopy Co. b. Prepare a consolidation worksheet on the acquisition date, January 1, 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.) c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8. (Amounts to be deducted should be indicated by a minus sign.)