Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, follow: Peanut Snoopy Company Company Assets Cash Accounts Receivable Inventory Investment in Snoopy Company $ 55,000 50,000 100,000 270,000 225,000 700,000 20,000 30,000 60,000 100,000 200,000 Buildings and Equipment Accumulated Depreciation 400,000) 10,000) Total Assets $1,000,000 $400,000 Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings $75,000 200,000 500,000 225,000 $1,000,000 $ 25,000 75,000 200,000 100,000 $400,000 Total Liabilities and Equity 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.)