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P2-27B Consolidated Worksheet at End of the First Year of Ownership (Investment Carried at Cost) when the book value of Snoopy's net assets was equal to $300,000. Peanut chooses to carry the imestment in Snoopy at cost becanse the investment will be consolidated. Trial balance data for Peanut and Snoovy as of Deceatber 31. 20X8, are as follows: Required a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January I, 20X8, as well as any other entries related to the investment in Snoopy Company during 20X8. 6. Prepare a consolidation worksheet for 208 in good form