Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopys 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 December 31, 20X8, follow:

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Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1 , 208, 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 December 31, 20X8, follow: Record the initial investment in Snoopy Co