Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $280,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $350,000. 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, 209: Peanut Company Debit Credit Cash $ 272,000 Snoopy Company Debit Credit $ 75,000 Accounts Receivable 201,000 Inventory 194,000 80,000 109,000 Investment in Snoopy Company Land 309,600 0 206,000 86,000 Buildings and Equipment 720,000 190,000 Cost of Goods Sold 350,000 153,000 Depreciation Expense 47,000 18,000 Selling & Administrative 214,000 47,000 Expense Dividends Declared 218,000 32,000 Accumulated Depreciation Accounts Payable $ 496,000 56,000 $ 54,000 54,000 Bonds Payable 147,000 45,000 Common Stock 495,000 191,000 Retained Earnings 629,600 138,000 Sales 836,000 308,000 Income from Snoopy Company Total $2,731,600 72,000 $2,731,600 0 $790,000 $790,000 Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 209. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)