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Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $305,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $305,000. Peanut chooses to carry the 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: Peanut Company Soy Conny $75.000 71000 $ 22.000 201.000 10 000 305.000 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 Bonds Payable Common Stock Retained Earings Sales Dividend Income Total 150 000 1600 19.000 53000 20.000 244000 111 000 $437.000 70.000 187.000 55.000 65.000 $2.542.000 $2.542 000 $719.000 $719000 (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.) Journal entry worksheet Record the initial investment in Snoopy Company Journal entry worksheet