Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on January 1, 20x8, when the book value of Snoopy's net assets was equal to $375,000. 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 Peanut Company Debit Credit $ 258,000 208,000 196,000 313,800 215,000 713,000 375,000 42,000 210,000 214,000 $ 498,000 57,000 148.000 490,000 640,000 838.000 73,800 52,744,800 $2,744,800 Snoopy Company Debit Credit $ 93,000 98,000 101,000 0 94,000 199,000 154,000 15,000 50, 750 49,000 $ 45,000 45,000 102,750 199,000 150,000 312,000 0 $853.750 $853,750 Required: a. Prepare any equity method journal entryfies) 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.) Required: a. Prepare any equity method journal entrylies) 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 2 > Record Peanut Co.'s share of Snoopy Co.'s 20x9 Income. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal 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