Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $318,000 on January 1, 20X8, when the book value of Snoopy's 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 Company Debit Credit Cash $ 146,000 Snoopy Company Debit Credit $ 77,000 Accounts Receivable 184,000 Inventory 205,000 69,000 83,000 Investment in Snoopy Company 364,000 0 Land 204,000 95,000 Buildings & Equipment 718,000 187,000 Cost of Goods Sold 200,000 130,000 Depreciation Expense. 58,000 12,000 Selling & Administrative Expense 237,000 50,000 Dividends Declared 111,000 24,000 Accumulated Depreciation. $ 446,000 Accounts Payable 59,000 $ 24,000 44,000 Bonds Payable 194,000 79,000 Common Stock 496,000. 216,000 Retained Earnings 363,000 102,000 Sales 799,000 262,000 Income from Snoopy Company 70,000 0 Total $2,427,000 $2,427,000 $727,000 $727,000 (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 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.) View transaction list Journal entry worksheet A B C Record the initial investment in Snoopy Company. Note: Enter debits before credits. Event 1 General Journal Debit Credit Required: a. Prepare the journal entries on Peanut's 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.) View transaction list Journal entry worksheet A B C Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 income. Note: Enter debits before credits. Event 2 General Journali Debit Credit Required: a. Prepare the journal entries on Peanut's 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.) View transaction list Journal entry worksheet A B Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit