Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $318,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $318,000. 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 CompanySnoopy CompanyDebitCreditDebitCreditCash$135,000$72,000Accounts Receivable175,00075,000Inventory213,00091,000Investment in Snoopy Company349,0000Land205,00081,000Buildings & Equipment703,000195,000Cost of Goods Sold205,000135,000Depreciation Expense57,00016,000Selling & Administrative Expense227,00051,000Dividends Declared119,00023,000Accumulated Depreciation$439,000$32,000Accounts Payable65,00050,000Bonds Payable192,00083,000Common Stock487,000215,000Retained Earnings353,000103,000Sales798,000256,000Income from Snoopy Company54,0000Total$2,388,000$2,388,000$739,000$739,000

(Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entries on Peanuts books for the acquisition of Snoopy on January 1, 20X8, as well as any normal equity method entry(ies) 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.)