Question

Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows Peanut Company Snoopy Company Debit Credit Debit Credit $162,000 180,000 205,000 351,900 211,000 710,000 188,000 44,000 216,000 84,000 $85,000 84,000 83,000 Cash Accounts Receivable Inventory Investment in Snoopy Stock Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy 96,000 182,000 113,000 9,000 38,000 22,000 $ 446,000 57,000 183,000 489,000 313,900 791,000 72,000 $18,000 42,000 79,000 185,000 148,000 240,000 Total $2,351,900$2,351,900 $712,000 $712,000
The total asset and total liabilities & SE are not balanced but I don't know where is incomplete. I try to plug in the difference between them into the NCI in NA, but it doesn't work.

Answer 1