b$.$ Prepare a consolidation worksheet for $208.$

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Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January $1,20$X$8,$ as well as any normal equity method entry$($ies$)$ related to the investment in Snoopy Company during $20$X$8.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

A $$ C

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Peanut Company acquired $100$ percent of Snoopy Company's outstanding common stock for $$308,000$ on January $1,20$X$8,$ when the book value of Snoopy's net assets was equal to $$308,000.$ Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December $31,20$X$8,$ are as follows:

$($Assume the company prepares the optional Accumulated Depreciation Elimination Entry$)$

Required:

a$.$ Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January $1,20$X$8,$ as well as any normal equity method entry$($ies$)$ related to the investment in Snoopy Company during $20$X$8.$

b$.$ Prepare a consolidation worksheet for $208.$

Complete this question by entering your answers in the tabs below.