Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $297,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $330,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, follow: Snoopy Company Debit Credit Peanut Company Debit Credit Cash $164,000 $ 89,000 Accounts Receivable 174,000 69,000 Inventory 211,000 87,000 Investment in Snoopy Company 348,300 Land 207,000 88,000 Buildings and Equipment 713,000 189,000 Cost of Goods Sold 182,000 116,000 Depreciation Expense 42,000 10,000 Selling & Administrative Expense 223,000 27,000 Dividends Declared 83,000 25,000 Accumulated Depreciation $ 434,000 $20,000 Accounts Payable 57,000 42,000 Bonds Payable 185,000 73,000 Common Stock 487,000 184,000 Retained Earnings 319,500 146,000 Sales 791,000 235,000 Income from Snoopy Company 73,800 0 Total $ 2,347,300 $2,347,300 $ 700,000 $ 700,000 Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. Note: 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 the initial Investment in Snoopy Company. Note: Enter debits before credits. Event A General Journal Debit Credit