Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $279,200 on January 1, 20X8, when the book value of Snoopys net assets was equal to $349,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow:

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, 208. c. Prepare a consolidated balance sheet on the acquisition date, January 1, 208. \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ PEANUT COMPANY AND SUBSIDIARY } \\ \hline \multicolumn{1}{|c|}{ Consolidated Balance Sheet 1/1/20X8} & \\ \hline Assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities \& Equity & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular}