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 Cash $ 266,000 $ 84,000 Accounts Receivable 195,000 Inventory 189,000 89,000 105,000 Investment in Snoopy Company 309,000 0 Land 214,000 95,000 Buildings and Equipment 704,000 189,000 Cost of Goods Sold 350,000 151,000 Depreciation Expense 44,000 18,000 Selling & Administrative 229,000 41,750 Expense Dividends Declared 225,000 43,000 Accumulated Depreciation $ 484,000 $ 54,000 Accounts Payable Bonds Payable 61,000 54,000 146,000 Common Stock 498,000 67,750 196,000 Sales Retained Earnings Income from Snoopy Company 621,200 141,000 841,000 303,000 73,800 0 Total $2,725,000 $2,725,000 $815,750 $815,750 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 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