Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopys 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										Snoopy Company
	Debit					Credit					Debit					Credit
Cash		$	130,000									$	80,000
Accounts Receivable			165,000										65,000
Inventory			200,000										75,000
Investment in Snoopy Company			355,000										0
Land			200,000										100,000
Buildings & Equipment			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									$	20,000
Accounts Payable								75,000										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										0
Total		$	2,325,000				$	2,325,000				$	715,000				$	715,000

(Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entries on Peanuts 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.)