Paper Corporation acquired 75 percent of Script Company's common stock on May 15,20X3, at underlying book value. Script's balance sheet on December 31,206, contained these amounts: During 20X7. Paper earned operating income of $90,000, and Script reported net income of $45,000. Nelther company declared any dividends during 20X7. Assume Paper Corporation has only no-par stock outstanding. Script is considering repurchasing 1,000 of its outstanding shares as treasury stock for $68 each. Required: a. Assuming Script purchases the shares from Nonaffiated Compary on January 1. 20X7: (1) Compute the effect on the book value of the shares held by Paper (2) Prepare the entry on Paper's books to record the change in the book value of its investment in Scripts shares. (3) Present the worksheet consolidation entry nesded on December 37 , 20X7 to complete a worksheet. b. Assuming Script purchases the shares directly from Paper on January 1.207 Compute the effect on the book value of the shares held by Paper: Prepare the entry on Papers books to record its sale of Scrpt shares to Script Present the workcheet consolidation entry neaded on December 32.207 to complete a worksheet. Complete this question by entering your answers in the tabs below