P$3-29$ Consolidated Worksheet and Balance Sheet on the Acquisition Date $($Equity Method$)$

Paper Company acquired $80$ percent of Scissor Company's outstanding common stock for $$296,000$ on January $1,20x8,$

when the book value of Scissor's net assets was equal to $$370,000.$ Paper uses the equity method to account for investments.

Trial balance data for Paper and Scissor as of January $1,20$X$8,$ follow:

Answer Jorunal Entries and Consolidation Entries