Peanut Company Debit Credit $145,000 184,000 205,000 Investment in Snoopy Company Land 346,000 202,000 717,000 Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $312,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $312,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Buildings Equipment Snoopy Company Debit $ 80,000 78,000 85,000 94.000 Credit 191,000 W Cost of Goods Sold 206,000 131,000 Depreciation Expense 59.000 16,000 Selling & Administrative Expense 229,000 42,000 Dividende Declared 100,000 31,000 ces Accumulated Depreciation Accounts Payable 5 442,000 68,000 $ 32,000 53,000 Bonds Payable 181,000 Common Stock 498,000 97,000 217,000 Retained Earninge 347,000 Sales 800,000 95.000 254,000 Income from Snoopy Company 65,000 Total $2,401,000 $2,401,000 $740,000 $740,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry) Required: a. Prepare the journal entries on Peanut's books for the acquisition of Snoopy on January 1, 20XB, as well as any normal equity method entry(ies) related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)