Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $301,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $301,000. 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 Compan Debit Snoopy Compan Credit DebitCredit $ 145,000 171,000 209,000 337,000 209,000 716,000 220,000 62,000 238,000 107,000 $88,000 85,000 91,000 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 86,000 183,000 132,000 15,000 51,000 25,000 449,000 70,000 185,000 481,000 386,000 782,000 61,000 $30,000 55,000 111,000 213,000 88,000 259,000 $2,414,000 $2,414,000 $756,000 $756,000 (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