Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $308,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $385,000. 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		$	56,000				$	35,000
Accounts Receivable			51,000					45,000
Inventory			111,000					80,000
Investment in Snoopy Company			308,000
Land			242,000					113,000
Buildings and Equipment			716,000					200,000
Accumulated Depreciation			(382,000	)				(7,000	)
Total Assets		$	1,102,000				$	466,000
Liabilities and Stockholders Equity
Accounts Payable		$	62,000				$	19,000
Bonds Payable			199,000					62,000
Common Stock			492,000					199,000
Retained Earnings			349,000					186,000
Total Liabilities and Equity		$	1,102,000				$	466,000

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.)

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.)