Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $317,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $317,000. 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 $ 145,000 174,000 203,000 Snoopy Company Debit $ 89,000 78,000 80,000 Credit 368,000 0 214,000 92,000 708,000 190,000 204,000 126,000 53,000 10,000 243,000 43,000 114,000 23,000 $ 437,000 $ 20,000 59,000 44,000 192,000 97,000 483,000 215,000 385,000 102,000 796,000 74,000 253,000 0 $2,426,000 $2,426,000 $731,000 $731,000 (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