Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $332,100 on January 1, 20X8, when the book value of Snoopys net assets was equal to $369,000. 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 $ 57,000 $ 39,000 Accounts Receivable 52,000 49,000 Inventory 109,000 63,000 Investment in Snoopy Company 332,100 Land 231,000 102,000 Buildings and Equipment 708,000 217,000 Accumulated Depreciation (386,000) (7,000) Total Assets $ 1,103,100 $ 463,000 Liabilities and Stockholders Equity Accounts Payable $ 70,000 $ 24,000 Bonds Payable 195,000 70,000 Common Stock 488,000 195,000 Retained Earnings 350,100 174,000 Total Liabilities and Equity $ 1,103,100 $ 463,000

Required: Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8. Prepare a consolidation worksheet on the acquisition date, January 1, 20X8. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8.