Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. 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 $ 55, 000 $ 20, 000 Accounts Receivable 50, 000 30, 000 Inventory 100, 000 60, 090 Investment in Snoopy Company 270, 000 Land 225, 000 100, 000 Buildings and Equipment 700, 000 200, 000 Accumulated Depreciation (400, 008) (009 'OT) Total Assets $ 1,000, 000 $ 400 , 000 Liabilities and Stockholders' Equity Accounts Payable $ 75, 000 $ 25, 000 Bonds Payable 200, 000 75, 000 Common Stock 500, 090 200, 000 Retained Earnings 225, 000 100, 090 Total Liabilities and Equity $ 1, 000, 000 $ 400 , 000 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, 20X8. c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8. x Answer is not complete. Complete this question by entering your answers in the tabs below.