1. Paper Company acquired 100 percent of Scissor Companys outstanding common stock for $370,000 on January 1, 20X8, when the book value of Scissors 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 December 31, 20X8, are as follows:

	Paper Company		Scissor Company
	Debit	Credit	Debit	Credit
Cash	$ 122,000		$ 46,000
Accounts Receivable	140,000		60,000
Inventory	190,000		120,000
Investment in Scissor Stock	438,000
Land	250,000		125,000
Buildings & Equipment	875,000		250,000
Cost of Goods Sold	250,000		155,000
Depreciation Expense	65,000		12,000
S&A Expense	280,000		50,000
Dividends Declared	80,000		25,000
Accumulated Depreciation		$ 565,000		$ 36,000
Accounts Payable		77,000		27,000
Bonds Payable		250,000		100,000
Common Stock		625,000		250,000
Retained Earnings		280,000		120,000
Sales		800,000		310,000
Income from Scissor		93,000
Total	$2,690,000	$2,690,000	$843,000	$843,000

1. Prepare the journal entries on Papers books for the acquisition of Scissor on January 1, 20X8 as well as any normal equity method entry(ies) related to the investment in Scissor Company during 20X8.

2. Prepare a consolidation worksheet for 20X8 in good form.

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