Peanut Company acquired percent of Snoopy Company's outstanding common stock for $ on January X when the
book value of Snoopy's net assets was equal to $ Peanut uses the equlty method to account for investments. Trial balance
data for Peanut and Snoopy as of January follow:
Required:
a Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January X
b Prepare a consolidation worksheet on the acquisition date, January
c Prepare a consolidated balance sheet on the acqulsition date, January
Complete this question by entering your answers in the tabs below.
Prepare a consolidation worksheet on the acquisition date, January
Note: 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.
