Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $305,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $305,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: 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 Peanut Company Debit Credit $ 140,000 166,000 218,000 321,000 215,000 718,000 202,000 60,000 241,000 118,000 $ 436,000 73,000 195,000 490,000 371,000 787,000 47,000 $2,399,000 $2,399,000 Snoopy Company Debit Credit $ 80,000 81,000 93,000 0 84,000 183,000 141,000 15,000 57,000 31,000 $ 30,000 58,000 112,000 202,000 103,000 260,000 0 $765,000 $765,000 (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 A B C > Record the initial investment in Snoopy Company. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record Peanut Co.'s 100% share of Snoopy Co.'s 20X8 dividend. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal