Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $334,800 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $372,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: Assets Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity Peanut Company Snoopy Company $ 59,000 $ 30,000 54,000 40,000 108,000 62,000 334,800 233,000 703,000 (392,000) $ 1,099,800 $ 63,000 185,000 485,000 366,800 $ 1,099,800 118,000 209,000 (9,000) $ 450,000 o tabe below $ 15,000 63,000 185,000 187,000 $ 450,000 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.

Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $334,800 on January 1,208, when the book value of Snoopy's net assets was equal to $372,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1,208, follow: 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 1,208. c. Prepare a consolidated balance sheet on the acquisition date, January 1, 208. Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $334,800 on January 1,208, when the book value of Snoopy's net assets was equal to $372,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1,208, follow: 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 1,208. c. Prepare a consolidated balance sheet on the acquisition date, January 1,208