Paper Company acquired 90 percent of Scissor Company's outstanding common stock for $367,200 on January 1, 20X8, when the book value of Scissor's net assets was equal to $408,000. 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 $ 32,000 44,000 90,000 Assets Cash Accounts Receivable Inventory Investment in Scissor Company Land Buildings and Equipment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity $ 124,000 81,000 126,000 367,200 289,000 879,000 (488,000) $1,378, 200 128,000 258,000 (18,000) $534,000 $ 93,000 240,000 621,000 424, 200 $1,378, 200 $ 28,000 98,000 240,000 168,000 $534,000 Required: a. Prepare the journal entry on Paper's 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.) Journal entry worksheet