Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $319,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $319,000. Accumulated depreciation on this date was $19,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 209: Peanut Company Debit Credit Cash $ 244,000 Snoopy Company Debit $ 86,000 Credit Accounts Receivable 213,000 Inventory 193,000 93,000 114,000 Investment in Snoopy Company Land 319,000 209,000 102,000 Buildings & Equipment 704,000 214,000 Cost of Goods Sold 274,000 132,000 Depreciation Expense 58,000 19,000 Selling & Administrative Expense 244,000 66,000 Dividends Declared 227,000 39,000 Accumulated Depreciation $ 500,000 $ 57,000 Accounts Payable 58,000 25,000 Bonds Payable 145,000 78,000 Common Stock Retained Earnings Sales Dividend Income Total 493,000 180,000 607,000 237,000 843,000 288,000 39,000 $2,685,000 $2,685,000 $865,000 $865,000