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:

Calculate the balance of noncontrolling interest in net assets of Scissor on December 31, 20x8.

Calculate noncontrolling interest in Net Income of Scissor Co. for 20x8.

Calculate the balance of Paper Companys Retained Earnings on December 31, 20x8.

On the consolidated balance sheet for the year ended December 31, 20x8, what is the balance of Investment in Scissor Co.?

What is the amount of Controlling Interest in Net Income on the consolidated income statement, i.e., Consolidated Net Income attributable to Controlling Interest?

On the consolidated income statement, what is amount of COGS?

On the consolidated statement of retained earnings, what is the debit side balance of Dividends Declared?

On the consolidated Balance Sheet, what is the credit side balance of Common Stock?

Paper Company Scissor Company Credit Credit Debit 191,000 140,000 190.000 350,400 250,000 875,000 250,000 65,000 Debit 46,000 60,000 120,000 0 125,000 250,000 155,000 12,000 Cash Accounts Receivable Inventory Investment in Scissor Stock Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings (beginning balance) Sales Income from Scissor Total 280,000 80,000 50,000 25,000 565,000 77,000 250,000 625,000 36,000 27.000 100.000 250,000 280,000 800,000 74,400 2,671,400 120,000 310.000 0 843,000 2,671,400 843,000