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. Paper uses the equity method to account for investments. Trial balance data for Paper and Scissor as of December 31, 20X8, are as follows: Cash Accounts Receivable Inventory Investment in Scissor Company Land Buildings & Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accounts Payable Accumulated Depreciation Bonds Payable Common Stock Retained Earnings Sales Income from Scissor Company Total Paper Company Debit Credit $ 122,000 Scissor Company Debit $ 46,000 Credit 140,000 190,000 60,000 120,000 438,000 0 250,000 125,000 875,000 250,000 250,000 155,000 65,000 12,000 280,000 50,000 80,000 25,000 $ 565,000 77,000 $ 36,000 27,000 250,000 100,000 625,000 250,000 280,000 120,000 800,000 310,000 93,000 0 $2,690,000 $2,690,000 $843,000 $843,000 (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.)