Trial balance data for Peanut and Snoopy as of December 31, 1018 follows. Peanut company acquired (Plug in the percentage you have been assigned) when the book value of Snoopys net assets was equal to $344,000. Peanut uses the equity method to account for investments.

	Peanut Company		Snoopy Company
	Dr	Cr	Dr	Cr
Cash	463,300*		80,000
Accounts receivable	168,000		82,000
Inventory	212,000		94,000
Investment in Snoopy	0*
Land	210,000		91,000
Building and Equipment	714,000		190,000
Cost of Goods Sold	196,000		111,000
depreciation Expense	47,000		9,000
Selling & administrative Expense	223,000		38,000
Dividends declared	90,000		27,000
Accumulated Depreciation		444,000		18,000
Accounts Payable		64,000		49,000
Bonds Payable		182,000		68,000
Common Stock		483,000		181,000
Retained Earnings		356,300		163,000
Sales		794,000		243,000
Income from Snoopy		*		0
Total	2,323,300	2,323,300	722,000	722,000

Instructions:

a) Prepare the journal entries in Peanut Company books to record the transaction related to the investment in Snoopy.

1- Acquisition of (__%) of shares in Snoopy for (_____% x $344,000) cash

2- on December 31, 2018 received a cash dividends of $ $27,000 x (___%)

3-on December 31, 2018 Snoopy determined its net income.

b) Post the previous transactions to the ledger and find new balances. (*).

c) Prepare a consolidated worksheet

d) Prepare a Consolidated Income Statement, a Consolidated Retained earnings statement for the year ended December 31 and a Balance Sheet at December 31, 2018.

	Assigned %
Akoum, Noura	75
Akra, Raif	77
Al Monajed, Mohammad	78
Al Saadi, Marwa	82
Al Samra, Ferial	84
Al-Hariri, Baraa	85
Darkhabani, Monib	86
Diab, Bilal	88
El Saoudi, Tarek	90
El-Hariri, Ahmad	92
Hajj Chehade, Alaa	89
Haykal, Sharbel	94
Hijazi, Abed El Rahman	95
Kattouaa, Mariam	76
Majzoub, Bassem	79
Sabeh Ayoun, Abdel Ghani	91
Wehbe, Wael	80