Paper Company acquired 90 percent of Scissor Company's outstanding common stock for $401,400 on January 1,208, when the book value of Scissor's net assets was equal to $446,000. Paper uses the equity method to account for investments. Trial balance data for Paper and Scissor as of January 1, 20X8, follow: 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 Record the initial investment in Scissor Co. Note: Enter debits before credits. b. Prepare a consolidation worksheet on the acquisition date, January 1,208. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry. (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 1,208. (Amounts to be deducted should be indicated with a minus sign.) \begin{tabular}{|l|l|} \hline Liabilities \& Stockholders' Equity & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Liabilities \& Stockholders' Equity & $ \\ \hline \hline \end{tabular}