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. Trial balance data for Paper and Scissor as of December 31, 20X8, are as follows:

Paper CompanyScissor CompanyDebitCreditDebitCreditCash$ 191,000$ 46,000Accounts Receivable140,00060,000Inventory190,000120,000Investment in Scissor Company350,4000Land250,000125,000Buildings and Equipment875,000250,000Cost of Goods Sold250,000155,000Depreciation Expense65,00012,000Selling & Administrative Expense280,00050,000Dividends Declared80,00025,000Accumulated Depreciation$ 565,000$ 36,000Accounts Payable77,00027,000Bonds Payable250,000100,000Common Stock625,000250,000Retained Earnings280,000120,000Sales800,000310,000Income from Scissor Company74,4000Total$ 2,671,400$ 2,671,400$ 843,000$ 843,000

Required:

Prepare any equity method entry(ies) related to the investment in Scissor Company during 20X8.

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 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry.

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 enter this amount in the credit column of the worksheet.