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: Cash Accounts Receivable. Inventory Investment in Snoopy Company Land Buildings and 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 View transaction list Journal entry worksheet < 1 2 Peanut Company Debit Note: Enter debits before credits. $ 259,000 203,000 193,000 335,000 203,000 715,000 350,000 44,000 227,000 210,000 $ 2,739,000 Record Peanut Company's share of Snoopy Company's 20X9 income. Credit Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 20X9. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $ 491,000 74,000 150,000 495,000 617,600 834,000 77,400 $ 2,739,000 Debit > Snoopy Company $92,000 97,000 102,000 0 92,000 188,000 157,000 17,000 39, 250 32,000 $ 816,250 Credit $ 51,000 51,000 50,250 200,000 154,000 310,000 0 $ 816,250