W Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. 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 $ 55,000 50,000 $ 20,000 30,000 100,000 60,000 270,000 225,000 100,000 700,000 200,000 (400,000) $ 1,000,000 $ 75,000 200,000 500,000 225,000 $ 1,000,000 (10,000) $ 400,000 $ 25,000 75,000 200,000 100,000 $ 400,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. www < Prev 7 of 7 Next 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.