Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $307,000. 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 $ 133,000 Snoopy Company Debit Credit $ 83,000 Accounts Receivable 168,000 Inventory 201,000 70,000 79,000 Investment in Snoopy Company 349,000 0 Land 218,000 86,000 Buildings & Equipment 715,000 198,000 Cost of Goods Sold 207,000 137,000 Depreciation Expense 57,000 16,000 Selling & Administrative Expense 240,000 45,000 Dividends Declared 106,000 29,000 Accumulated Depreciation $ 446,000 $ 32,000 Accounts Payable 63,000 48,000 Bonds Payable 198,000 87,000 Common Stock 485,000 201,000 Retained Earnings 335,000 106,000 Sales 796,000 Income from Snoopy Company 71,000 269,000 0 Total $2,394,000 $2,394,000 $743,000 $743,000 (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.)