Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $317,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $317,000. 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	$	143,000						$	70,000
Accounts Receivable		179,000							79,000
Inventory		206,000							80,000
Investment in Snoopy Company		345,000							0
Land		217,000							81,000
Buildings & Equipment		709,000							186,000
Cost of Goods Sold		207,000							143,000
Depreciation Expense		64,000							19,000
Selling & Administrative Expense		234,000							46,000
Dividends Declared		108,000							33,000
Accumulated Depreciation				$	444,000						$	38,000
Accounts Payable					71,000							56,000
Bonds Payable					189,000							57,000
Common Stock					490,000							205,000
Retained Earnings					363,000							112,000
Sales					794,000							269,000
Income from Snoopy Company					61,000							0
Total	$	2,412,000		$	2,412,000			$	737,000		$	737,000

(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.)