Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $304,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $304,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows Snoopy Company Debit Credit Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable 196,000 189,000 304,000 203,000 720,000 288,000 Bonds Payable Common Stock Retained Earnings Sales Dividend Income Total Peanut Company Debit Credit $ 235,000 $ 72,000 75,000 84,000 89,000 190,000 138,000 52,000 13,000 249,000 56,000 114,000 33,000 $ 436,000 $ 26,000 73,000 58,000 185,000 497,000 99,000 210,000 528,000 94,000 798,000 263,000 33,000 8 $2,550,000 $2,550,000 $750,000 $750,000 (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, 20X8, as well as any other entries related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the initial investment in Snoopy Company. Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 dividend. Note: journal entry has been entered Debit 304,000 Credit 304,000 b. Prepare a consolidation worksheet for 2018. (Values in the first two columns (the "parent" and "subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Income Statement Sales Less: Cost of goods sold Less Depreciation expense Less Selling & Administrative expense Dividend income Net income Statement of Retained Earrings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings & Equipment Less Accumulated depreciation Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 2018 Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated $ 05 05 0 $ $ 05 05 0 $ 05 $ 0 0 $ 0 $