Fri, Mar 7, 2014 9:45 AM EST

In an incredibly adorable adaptation, Oscar nominee Quvenzhané Wallis stars in the much anticipated remake of the 1982 hit film "Annie." Set to release on December 19, the film also stars Jamie Foxx as the newly named billionaire Benjamin Stack (once Daddy Warbucks) and Cameron Diaz as Miss Hannigan. Will Smith and Jay Z are co-producers on the film, and originally Willow Smith was set to play Annie. As expected, there have already been a slew of racist comments on social media about the the new black Annie, but just as much praise for why this is a welcome and exciting adaptation of a classic story.