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Peanut Company acquired 80 percent of Snoopy Company's Outstanding common stock for $300,000 on January 1. 20X8. when the book value of Snoopy's net assets was equal to $375,000 Peanut uses the equity method to account for investments. Thc following trial balance summarizes the financial position and operations 'or Peanut and Snoopy as of December 31. 20X9: Peanut Copany Credit 258, 000 s 93,000 208, 000 t 96, ooo 101,000 313,goo ns,ooo 111 .coo 199,000 1S4,aoo 2", ooc s 45.000 148,000 102.'50 "O,ooo 130, 000 Oe,ooo 312,000 Ot GOOd Sold 2.000 ooa ooo 49,000 S', 000 .00 49.000