Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $310,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $310,000. Accumulated depreciation on this date was $11,000. 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 Snoopy Company Debit Credit Debit Credit Cash $ 231,000 $ 82,000 Accounts Receivable 205,000 84,000 Inventory 191,000 102,000 Investment in Snoopy Company 466,000 @ Land 208,000 118,000 I Buildings & Equipment 715,000 208,000 Cost of Goods Sold 282,000 135,000 Depreciation Expense 67,000 11,000 Selling & Administrative Expense 235,000 67,000 Dividends Declared 232,000 31,000 Accumulated Depreciation $ 516,000 $ 33,000 Accounts Payable 58,000 26,000 Bonds Payable 137,000 69,000 Common Stock 483,000 199,000 Retained Earnings 717,000 224,000 Sales 847,000 287,000 Income from Snoopy Company 74,000 Total $2,832,000 $2,832,000 $838,000 $838,000 (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.) (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.) View transaction list Journal entry worksheet