Peanut Company acquired January 1, 20x8, when the book value of Snoopy's net assets was equal to $314,000. P equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20x8, are as follows (Assume the company prepares the optional Accumulated Depreciation Elimination Entry): percent of Snoopy Company's outstanding common stock for $314,000 on Peanut Company Snoopy Company Credit Debit 148,000 184,000 211,000 322,000 219,000 709,000 216,000 Credit Debit Cash Accounts Receivable Inventory Investment in Snoopy Stock Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings $ 74,000 65,000 90,000 93,000 195,000 136,000 20,000 58,000 38,000 69,000 230,000 114,000 $ 438,000 61,000 190,000 498,000 407,000 782,000 46,000 s 40,000 46,000 109,000 202,000 112,000 260,000 Income from Snoopy Total $2,422,000 $2,422,000 $769,000 $769.000