Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $306,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $306,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total Peanut Company Debit Credit $ 146,000 166,000 208,000 Snoopy Company Debit $ 81,000 66,000 89,000 Credit 336,000 0 214,000 82,000 705,000 195,000 215,000 129,000 61,000 12,000 228,000 115,000 45,000 37,000 $ 437,000 64,000 $ 24,000 189,000 499,000 49,000 104,000 218,000 353,000 785,000 88,000 253,000 67,000 0 $2,394,000 $2,394,000 $736,000 $736,000 (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.)