Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $307,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $307,000. 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 Debit Credit $ 142,000 174,000 Snoopy Company Debit Credit $ 79,000 70,000 91,000 85,000 181,000 125,000 20,000 41,000 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 32,000 212,000 342,000 209,000 701,000 210,000 67,000 244,000 116,000 $ 432,000 67,000 197,000 490,000 377,000 787,000 67,000 $2,417,000 $2,417,000 $ 40,000 52,000 72,000 206,000 101,000 253,000 $724,000 $724,000 (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.) Journal entry worksheet