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Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Snoopy Company Debit $ 71,000 Peanut Company Debit Credit Credit Cash Accounts Receivable 171,000 177,000 202,000 311,400 217,000 7000, 78,000 Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold 83,000 703,000 180,000 48,000 219,000 90,000 182,000 116,000 9,000 27,000 34,000 Depreciation Expense Selling & Administrative Expense Dividends Declared $ 18,000 Accumulated Depreciation Accounts Payable Bonds Payable 432,000 73,000 58,000 69,000 184,000 195,000 491,000 274,400 781,000 72,000 Common Stock Retained Earnings 116,000 232,000 Sales Income from Snoopy Company 0 $2,318,400 $2,318,400 $677,000 $677,000 Total Required: a. Prepare any 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.) View transaction list View journal entry worksheet No Event General Journal Debit Credit Investment in Snoopy Co. 1 1 270,000 270,000 Cash Prev 1 of 3 Next