Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. 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 $ 255,000 190,000 180,000 364,500 200,000 700,000 270,000 50,000 230,000 225,000 500,000 75,000 150,000 500,000 517,500 850,000 72,000 $2,664,500 $ 2,664,500 Snoopy Company Debit Credit $ 75,000 80,000 100,000 0 100,000 200,000 150,000 10,000 60,000 30,000 30,000 35,000 85,000 200,000 155,000 300,000 0 $ 805,000 $ 805,000 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 1 2 Record Peanut Co.'s share of Snoopy Co.'s 20X9 income.