Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $319,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $319,000. Accumulated depreciation on this date was $19,000. 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 232,000 $ Cash Accounts Receivable 203,000 Inventory Snoopy Company Debit Credit $ 81,000 82,000 107,000 0 120,000 214,000 143,000 19,000 77,000 39,000 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 200,000 439,000 217,000 705,000 274,000 68,000 240,000 236,000 $ 515,000 63,000 149,000 492,000 713,000 838,000 44,000 $2,814,000 $2,814,000 $ 57,000 35,000 73,000 200,000 234,000 283,000 $882,000 $882,000 (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.) Journal entry worksheet