Peanut Company acquired 100 percent of Snoopy Companys outstanding common stock for $308,000 on January 1, 20X8, when the book value of Snoopys net assets was equal to $308,000. Accumulated depreciation on this date was $17,000.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 CompanySnoopy CompanyDebitCreditDebitCreditCash$231,000$84,000Accounts Receivable200,00087,000Inventory193,000114,000Investment in Snoopy Company436,0000Land215,000104,000Buildings & Equipment701,000205,000Cost of Goods Sold276,000140,000Depreciation Expense68,00017,000Selling & Administrative Expense247,00069,000Dividends Declared238,00037,000Accumulated Depreciation$509,000$51,000Accounts Payable65,00029,000Bonds Payable143,00078,000Common Stock489,000191,000Retained Earnings683,000216,000Sales850,000292,000Income from Snoopy Company66,0000Total$2,805,000$2,805,000$857,000$857,000

(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.)