Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $302,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $302,000. 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:

Peanut CompanySnoopy CompanyDebitCreditDebitCreditCash$233,000$86,000Accounts Receivable202,00070,000Inventory189,00075,000Investment in Snoopy Company302,0000Land213,00094,000Buildings & Equipment701,000183,000Cost of Goods Sold277,000129,000Depreciation Expense66,00019,000Selling & Administrative Expense247,00056,000Dividends Declared118,00032,000Accumulated Depreciation$442,000$38,000Accounts Payable67,00052,000Bonds Payable195,00089,000Common Stock483,000211,000Retained Earnings534,00091,000Sales795,000263,000Dividend Income32,0000Total$2,548,000$2,548,000$744,000$744,000

(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 other entries 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.)