Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $277,600 on January 1, 20X8, when the book value of Snoopys net assets was equal to $347,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, are as follows:

	Peanut Company			Snoopy Company
Assets
Cash	$	59,000		$	21,000
Accounts Receivable		54,000			31,000
Inventory		114,000			64,000
Investment in Snoopy Stock		277,600
Land		244,000			110,000
Buildings & Equipment		711,000			214,000
Accumulated Depreciation		(393,000	)		(9,000	)
Total Assets	$	1,066,600		$	431,000
Liabilities & Stockholders Equity
Accounts Payable	$	64,000		$	20,000
Bonds Payable		193,000			64,000
Common Stock		484,000			193,000
Retained Earnings		325,600			154,000
Total Liabilities & Equity	$	1,066,600		$	431,000

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.)