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Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $312,000 on January 1, 20X8, when the book value of Snoopy's net assets

Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $312,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $312,000. Peanut chooses to carry the investment in Snoopy at cost because the investment will be consolidated. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows:

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