Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $329,400 on January 1,208, when the book value of Snoopy's net assets was equal to $366,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: 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.) Record the initial investment in Snoopy Co. Note: Enter debits before credits. b. Prepare a consolidation worksheet on the acquisition date, January 1,208. (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 1,208. (Amounts to be deducted should be indicated by a minus sign.) PEANUT COMPANY AND SUBSIDIARY Consolidated Balance Sheet 1/1/20X8 Assets Total Assets $ 0 \begin{tabular}{|l|l|} \hline Liabilities \& Equity & \\ \hline \hline & \\ \hline & \\ \hline & \\ \hline & $ \\ \hline Total Liabilities \& Equity & 0 \\ \hline \end{tabular}