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 January 1, 20X8, follow: Paper Company Scissor Company Assets Cash $ 109,000 $ 25,000 Accounts Receivable 65,000 37,000 Inventory 125,000 87,000 Investment in Scissor Company 296,000 Land 280,000 125,000 Buildings and Equipment 875,000 250,000 Accumulated Depreciation (500,000) (24,000) Total Assets $ 1,250,000 $ 500,000 Liabilities and Stockholders Equity Accounts Payable $ 95,000 $ 30,000 Bonds Payable 250,000 100,000 Common Stock 625,000 250,000 Retained Earnings 280,000 120,000 Total Liabilities and Equity $ 1,250,000 $ 500,000 Required:

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

B) Prepare a consolidation worksheet on the acquisition date, January 1, 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.

C) Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8.

Note: Amounts to be deducted should be indicated with a minus sign.