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Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $315,000 on January 1 , 208, when the book value of Snoopy's net assets was equal to $350,000. Peanut uses the equity method to account for investments. Trial balance Required: Required: a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Note: Enter debits before credits. b. Prepare a consolidation worksheet on the acquisition date, January 1, 20X8. (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 intc one amount and enter this amount in the credit column of the worksheet.) \begin{tabular}{|l|l|l|l||l|l|} \hline Investment in Snoopy Co. & & & & \\ \hline Land & & & & \\ \hline Buildings and equipment & & & \\ \hline Accumulated depreciation & & & & \\ \hline Total Assets & & & & \\ \hline Liabilities \& Stockholders' Equity & & & & \\ \hline Accounts payable & & & & \\ \hline Bonds payable & & & & \\ \hline Common stock & & & & \\ \hline Retained earnings & & & \\ \hline NCI in NA of Snoopy Co. & & & \\ \hline Total Liabilities \& Stockholders' Equity & & & \\ \hline \hline \end{tabular} c. Prepare a consolidated balance sheet on the acquisition date, January 1,208. (Amounts to be deducted should be indicated by a minus sign.) Total Assets \begin{tabular}{|l|l||} \hline Liabilities \& Equity & \\ \hline \hline & \\ \hline \hline & \\ \hline \hline & \\ \hline Total Liabilities \& Equity & \\ \hline \hline \end{tabular} Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $315,000 on January 1,208, when the book value of Snoopy's net assets was equal to $350,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: Required: a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. b. Prepare a consolidation worksheet on the acquisition date, January 1, 20x8, (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be iddicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For occounts 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.)