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please give me the answer I will give like. Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $316,000 on January 1,208,
please give me the answer I will give like.
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $316,000 on January 1,208, when the book value of Snoopy's net assets was equal to $316,000. Accumulated depreciation on this date was $13,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial palance summarizes the financial position and operations for Peanut and Snoopy as of December 31,209 : Required: a. Prepare any journal entry(ies) related to the investment in Snoopy Company during 20x9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record Peanut Co.'s 100% share of Snoopy Co.'s 209 dividend. b. Prepare a consolidation worksheet for 20X9. (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.)Step by Step Solution
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