Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $291,600 on January 1, 20X8, when the book value of Snoopys net assets was equal to $324,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Peanut Company Snoopy Company Debit Credit Debit Credit Cash $ 160,000 $ 88,000 Accounts Receivable 171,000 65,000 Inventory 209,000 92,000 Investment in Snoopy Company 342,900 Lan