LO 3-4.3-5 P3-31 Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) was equal to $370.000. Problem Paper Company acquired 80 percent of Scissor Company's outstanding common stock on January 1, 20x8, when the book value of Scissor's net assets 3-30 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 opera- tions for Paper and Scissor as of December 31, 20x9 Scissor Company Paper Company Debit Credit Debit Credit Cash Accounts Receivable Inventory Investment in Scissor Co Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Eamings Sales ncome from Scissor Company Total $ 295,000 165,000 193.000 412.000 250,000 875,000 278,000 65,000 312.000 90,000 $116.000 97,000 115,000 0 125,000 250.000 178.000 12,000 58.000 30,000 S 630.000 85.000 150,000 625.000 479,400 880,000 85,600 $ 48.000 40.000 100,000 250,000 188,000 355.000 $98 1,000 $91,000 $2,935,000 $2,935.000 Required a. P b. Prepare a consolidation worksheet for 20X9 in good form. Prepare any equity-method journal entry(ies) related to the investment in Scissor Company during 20X9