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pls complete the consolidated worksheet Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $319.000 on January 1,208, when the book value
pls complete the consolidated worksheet
Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $319.000 on January 1,208, when the book value of Snoopy's net assets was equal to $319.000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31,208, are as follows: (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepore the joumal entiles on Peanut's books for the acquisition of Snoopy on January t, 20x8. as weif as any normal equity thethod entry(ies) telated to the imwestment in Snoopy Company during 20XR. b. Prepare a conscilidation worksheet for 208. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20x8, as well as any normal equity. method entry(les) related to the Investment in Snoopy Company during 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Statement of Retained Earnings Step by Step Solution
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