Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $292,800 on January 1, 20X8, when the book value of Snoopys net assets was equal to $366,000. 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		$	72,000				$	24,000
Accounts Receivable			67,000					34,000
Inventory			109,000					73,000
Investment in Snoopy Company			292,800
Land			237,000					118,000
Buildings and Equipment			710,000					201,000
Accumulated Depreciation			(391,000	)				(10,000	)
Total Assets		$	1,096,800				$	440,000
Liabilities and Stockholders Equity
Accounts Payable		$	56,000				$	18,000
Bonds Payable			198,000					56,000
Common Stock			499,000					198,000
Retained Earnings			343,800					168,000
Total Liabilities and Equity		$	1,096,800				$	440,000

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.) Consolidated PEANUT COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet 1/1/20X8 Consolidation Entries Peanut Co. Snoopy Co. DR CR Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings and equipment Accumulated depreciation Total Assets $ 0 $ 0 $ 0 Liabilities & Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings NCI in NA of Snoopy Co. Total Liabilities & Stockholders' Equity 0 S 0 $ 0 $ 01$ 0 0 $ 0 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.) Consolidated PEANUT COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet 1/1/20X8 Consolidation Entries Peanut Co. Snoopy Co. DR CR Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings and equipment Accumulated depreciation Total Assets $ 0 $ 0 $ 0 Liabilities & Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings NCI in NA of Snoopy Co. Total Liabilities & Stockholders' Equity 0 S 0 $ 0 $ 01$ 0 0 $ 0