Paper Company acquired 80 percent of Scissor Companys outstanding common stock for $356,000 on January 1, 20X8, when the book value of Scissors net assets was equal to $445,000. Paper uses the equity method to account for investments. Trial balance data for Paper and Scissor as of January 1, 20X8, follow:

	Paper Company					Scissor Company
Assets
Cash		$	122,000				$	41,000
Accounts Receivable			83,000					53,000
Inventory			140,000					94,000
Investment in Scissor Company			356,000
Land			289,000					142,000
Buildings and Equipment			885,000					250,000
Accumulated Depreciation			(422,000	)				(15,000	)
Total Assets		$	1,453,000				$	565,000
Liabilities and Stockholders Equity
Accounts Payable		$	91,000				$	24,000
Bonds Payable			238,000					96,000
Common Stock			606,000					238,000
Retained Earnings			518,000					207,000
Total Liabilities and Equity		$	1,453,000				$	565,000

Required: a. Prepare the journal entry on Papers books for the acquisition of Scissor Co. on January 1, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)