Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $348,300 on January 1, 20X8, when the book value of Snoopys net assets was equal to $387,000. 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
Assets
Cash		$	72,000				$	37,000
Accounts Receivable			67,000					47,000
Inventory			106,000					63,000
Investment in Snoopy Company			348,300
Land			230,000					110,000
Buildings and Equipment			700,000					217,000
Accumulated Depreciation			(386,000	)				(6,000	)
Total Assets		$	1,137,300				$	468,000
Liabilities and Stockholders Equity
Accounts Payable		$	60,000				$	21,000
Bonds Payable			191,000					60,000
Common Stock			488,000					191,000
Retained Earnings			398,300					196,000
Total Liabilities and Equity		$	1,137,300				$	468,000

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.)