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, 20X9: Peanut Company Debit Credit Snoopy Company Debit Credit $ 255,000 $ 81,000 Cash Accounts Receivable 196,000 Inventory 194,000 86,000 105,000 Investment in Snoopy Company 298,800 0 Land 202,000 99,000 Buildings and Equipment 706,000 191,000 Cost of Goods Sold 350,000 154,000 Depreciation Expense 44,000 18,000 Selling & Administrative Expense 216,000 50,500 Dividends Declared 214,000 44,000 Accumulated Depreciation Accounts Payable $ 482,000 60,000 $ 54,000 54,000 Bonds Payable 131,000 80,500 Common Stock 496,000 181,000 Retained Earnings 585,200 142,000 Sales 846,000 317,000 Income from Snoopy Company Total $2,675,800 75,600 $2,675,800 0 $ 828,500 $828,500 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 1 2 Record Peanut Co.'s share of Snoopy Co.'s 20x9 income.