Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. 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 $ 130,000 Snoopy Company Debit $ 80,000 Credit Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment 165,000 200,000 65,000 75,000 355,000 0 200,000 100,000 700,000 200,000 Cost of Goods Sold 200,000 125,000 Depreciation Expense 50,000 10,000 Selling & Administrative Expense 225,000 40,000 Dividends Declared 100,000 20,000 Accumulated Depreciation $ 450,000 Accounts Payable 75,000 $ 20,000 60,000 Bonds Payable 200,000 85,000 Common Stock 500,000 200,000 Retained Earnings 225,000 100,000 Sales 800,000 250,000 Income from Snoopy Company 75,000 Total $2,325,000 $2,325,000 $715,000 $715,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry)