Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $296,100 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $329,000. 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 $ 162,000 $ 76,000 Accounts Receivable Inventory Investment in Snoopy Company Land Buildings and Equipment Cost of Goods Sold 182,000 73,000 219,000 86,000 331,200 214,000 92,000 700,000 188,000 183,000 108,000 Depreciation Expense 43,000 10,000 Selling & Administrative Expense 209,000 50,000 Dividends Declared Accounts Payable 83,000 38,000 Accumulated Depreciation $ 432,000 $ 20,000 74,000 59,000 Bonds Payable 181,000 68,000 Common Stock 483,000 182,000 Retained Earnings 297,900 147,000 Sales 789,000 245,000 Income from Snoopy Company 69,300 0 Total $2,326,200 $2,326,200 $721,000 $721,000 Required: a. Prepare any equity method entry(ies) related to the investment in Snoopy Company during 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)