Peanut Company acquired 80 percent of Snoopy Companys outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopys 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:

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 $ 258,000 207,000 183,000 311,400 203,000 712,000 375,000 42,000 211,000 207,000 $ 481,000 62,000 136,000 498,000 615,400 836,000 81,000 $ 2,709,400 $2,709,400 Snoopy Company Debit Credit $ 83,000 88,000 112,000 0 98,000 194,oed 157,00 19,000 31,750 47,000 $ 57,000 57,000 71,750 198,000 137,000 309,000 $ 829,750 $829,750 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 ^ 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 View transaction list Journal entry worksheet