- Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $305,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $305,000. Accumulated depreciation on this date was $15,000. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20X9 Peanut Company Debit Credit Credit Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy Company Total $238,000 210,000 185,000 452,000 201,000 702,000 274,000 Snoopy Company Debit $ 92,000 87,000 100,000 108,000 209,000 132,000 60,000 15,000 236,000 67,000 229,000 35,000 $ 518,000 $ 45,000 59,000 27,000 138,000 72,000 492,000 200,000 656,000 208,000 845,000 293,000 79,000 0 $2,787,000 $2,787,000 $845,000 $845,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)