Peanut Company acquired $90$ percent of Snoopy Company's outstanding common stock for $$299,700$ on January $1,208,$ when the book value of Snoopy's net assets was equal to $$333,000.$ Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December $31,20$X$8,$ follow:

$\backslash$table$[[,$Peanut Company,Snoopy Company$],[,,$Debit,Credit,Debit,Credit$],[$Cash$,,$$ $171,000,,$$ $73,000,],[$Accounts Receivable,,$167,000,,79,000,],[$Inventory$,,216,000,,93,000,],[$Investment in Snoopy Company,,$340,200,,,],[$Land$,,209,000,,99,000,],[$Buildings and Equipment,,$705,000,,180,000,],[$Cost of Goods Sold,,$186,000,,117,000,],[$Depreciation Expense,,$46,000,,9,000,],[$Selling & Administrative Expense,,$215,000,,29,000,],[$Dividends Declared,,$97,000,,30,000,],[$Accumulated Depreciation,,,$ $446,000,,$$ $18,000],[$Accounts Payable,,,$71,000,,56,000],[$Bonds Payable,,,$195,000,,72,000],[$Common Stock,,,$497,000,,181,000],[$Retained Earnings,,,$291,700,,152,000],[$Sales$,,,784,000,,230,000],[$Income from Snoopy Company,,,$67,500,,0],[$Total$,$$$,2,352,200,$$ $2,352,200,$$ $709,000,$$ $709,000]]$

Required:

a$.$ Prepare any equity method entry$($ies$)$ related to the investment in Snoopy Company during $20$X$8.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.