Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $285,600 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $357,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: Peanut Company Snoopy Company $ 26,000 36,000 74,000 Assets Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity $ 55,000 50,000 101,000 285,600 235,000 711,000 (389,000) $1,048,600 107,000 208,000 (7,000) $444,000 $ 64,000 190,000 486,000 308,600 $1,048,600 $ 23,000 64,000 190,000 167,000 $444,000 Required: a. Prepare the journal entry on Peanut's books for the acquisition of Snoopy on January 1, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 11