196 BACC460 Assignment 3 (LO3 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 Snoopy's net assets was equal to $344,000. Peanut uses the equity method to account for investments. Peanut Snoopy Company Company Dr Dr Cash 463 3001 0.000 Accounts receivable 16. 2000 Inventory 212000 94.000 Investment in Snoopy 0 Il and 210.000 91.000 Building and Equipment 714,000 190.000 Cost of Goods Sold 111.000 depreciation Expense 47.000 9.000 Selling & administrative Expense 221.000 1 0001 Dividends declared 90.000 27.000 Accumulated Depreciation 1444 000 18.000 Accounts Payable 64.000 49,000 Bonds Payable 1 82.000 60.000 Common Stock 483.000 T1000 Retained Earings 356,3001 163,000 Isales 794 000 243.000 Income from Snoopy 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 94% $344,000) cash 94 2- on December 31, 2018 received a cash dividends of S $27,000 x (94) 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. resigned