6 Pistol Corporation purchased 100 percent ownership of Scope Products on January 1, 20X6, for $56,000, at which time Scope Products reported retained earnings of $10,000 and capital stock outstanding of $30,000. The differential was attributable to patents with a life of eight years. Income and dividends of Scope Products were 10 points Year 2006 Net Income $16,000 Dividends $6,000 20X7 20x8 24,000 32,000 8,000 8,000 ebook Pent Required: 1. Prepare the equity method entries that Pistol should record to account for this investment in 20X6 20X7, and 20x8 2. What is the balance of the Investment in Scope account on Pistol's balance sheet at December 31, 2008, after all required equity method entries have been recorded? Complete this question by entering your answers in the tabs below. References Required A Required B Prepare the equity method entries that Pistol should record to account for this investment in 20x6, 2007, and 20x 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 D 3 4 5 6 7 B 9 10 > Companion Jamant MIVA