Consolidated worksheet at End of the Second Year of Ownership (Equity Method) Paper Company acquired 100 percent of Scissor Company's outstanding common stock for $370,000 on January 1, 20X8, when the book value of Scissor's net assets was equal to $370,000. Problem 2-25 summarizes the first year of Paper's ownership of Scissor. Paper uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Paper and Scissor as of December 31, 20X9: Paper Company Scissor Company Debit Debit Credit Credit Cash Accounts Receivable Inventory Investment in Scissor Stock Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared $232,000 165,000 93,000 515,000 250,000 875,000 $278,000 65,000 312,000 90,000 $116,000 97,000 115,000 25,000 250,000 $178,000 2,000 58,000 30,000 (continued)