Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $303,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $303,000. 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 Cash Accounts Receivable Inventory Investment in Snoopy Company Land Buildings & Equipment $ 237,000 Snoopy Company Debit $ 78,000 Credit 198,000 99,000 196,000 102,000 444,000 213,000 104,000 705,000 212,000 Cost of Goods Sold 286,000 134,000 Depreciation Expense 54,000 15,000 Selling & Administrative Expense 243,000 64,000 Dividends Declared 230,000 35,000 Accumulated Depreciation $ 502,000 $ 45,000 Accounts Payable 55,000 31,000 Bonds Payable 139,000 75,000 Common Stock 481,000 183,000 Retained Earnings Sales Income from Snoopy Company 732,000 229,000 830,000 280,000 67,000 Total $2,806,000 $2,806,000 $843,000 $843,000 (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.)