Paper Company acquired 80 percent of Scissor Companys outstanding common stock for $296,000 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. The following trial balance summarizes the financial position and operations for Paper and Scissor as of December 31, 20X9:

Paper CompanyScissor CompanyDebitCreditDebitCreditCash$ 295,000$ 116,000Accounts Receivable165,00097,000Inventory193,000115,000Investment in Scissor Company412,0000Land250,000125,000Buildings and Equipment875,000250,000Cost of Goods Sold278,000178,000Depreciation Expense65,00012,000Selling & Administrative Expense312,00058,000Dividends Declared90,00030,000Accumulated Depreciation$ 630,000$ 48,000Accounts Payable85,00040,000Bonds Payable150,000100,000Common Stock625,000250,000Retained Earnings479,400188,000Sales880,000355,000Income from Scissor Company85,6000Total$ 2,935,000$ 2,935,000$ 981,000$ 981,000

Required:

Prepare any equity method journal entry(ies) related to the investment in Scissor Company during 20X9.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Prepare a consolidation worksheet for 20X9. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry and that the depreciation expense was the same amount in both 20X8 and 20X9.

Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and