Peanut Holdings Ltd. owns an 80 percent interest in Snoop Inc. Prepare a consolidation worksheet using the information below. Assume that the fair values of Snoop Inc.’s assets and liabilities are equal to their book values.

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Peanut Snoop Eliminations Consolidated Holdings Ltd. Inc. Debit Credit Amounts Assets Cash 96,000 36,000 Accounts receivable, net 210,000 144,000 Note receivable from Snoop Inc. 60,000 Inventory 246,000 216,000 Investment in Snoop Inc. 228,000 Property, plant, and equipment, net 720,000 312,000 Other assets 48,000 42,000 Total assets 1,608,000 750,000 Liabilities and Shareholders' Equity Accounts payable 108,000 66,000 Notes payable 120,000 96,000 Other liabilities 204,000 324,000 Non-controlling interest Common shares 780,000 204,000 Retained earnings 396,000 60,000 Total liabilities and shareholders' equity 1,608,000 750,000