Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for S270,000 on January 1, 20Xs, 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, 20Xs, follow: Peanut Company Snoopy Company $ 20,000 30,000 60,000 Assets Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Accumulated Depreciation Total Assets Liabilities & Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity S 55,000 50,000 100.000 270.000 225.000 700,000 (400,000 $1.000.000 100.000 200,000 (10.000 $ 400.000 75.000 200,000 500.000 225.000 $1.000.000 25,000 75,000 200.000 100.000 S 400.000 Required a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20XS. b. Prepare a consolidation worksheet on the acquisition date, January 1, 20x8, in good form. c. Prepare a consolidated balance sheet on the acquisition date. January 1, 20X8. in good form