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 Snoopy Company $ 85,000 90,000 100,000 0 96,000 181,000 169,000 12,000 35,250 38,000 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 $ 270,000 191,000 196,000 315,000 207,000 714,000 375,000 46,000 225,000 213,000 $2752,000 Credit $ 494,000 56,000 133,000 493,000 656,600 842,000 77,400 $2,752,000 Debit $ 806,250 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. Credit $ 36,000 36,000 86,250 195,000 140,000 313,000 0 $806,250

Peanut Company acquired 80 percent of Snoopy Company's outstanding common stock for $300,000 on January 1,208, 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, 209. Required: a. Prepare any equity method journal entry(ies) related to the investment in Snoopy Company during 209 Note: If no entry is required for o transoction/event, select "No journol entry required" in the first account field