Pistol Corporation purchased 100 percent ownership of Scope Products on January 1, 20X6, for $60,000, at which time Scope Products reported retained earnings of $14,000 and capital stock outstanding of $26,000. The differential was attributable to patents with a life of four years. Income and dividends of Scope Products were: Required: 1. Prepare the equity-method entries that Pistol should record to account for this investment in 206,207, and 208. 2. What is the balance of the Investment in Scope account on Pistol's balance sheet at December 31, 20X8, after all required equitymethod entries have been recorded? Complete this question by entering your answers in the tabs below. Prepare the equity-method entries that Pistol should record to account for this investment in 20X6, 20X7, and 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Pistol Corporation purchased 100 percent ownership of Scope Products on January 1, 20X6, for $60,000, at which time Scope Products reported retained earnings of $14,000 and capital stock outstanding of $26,000. The differential was attributable to patents with a life of four years. Income and dividends of Scope Products were: Required: 1. Prepare the equity-method entries that Pistol should record to account for this investment in 206,207, and 208. 2. What is the balance of the Investment in Scope account on Pistol's balance sheet at December 31, 20X8, after all required equitymethod entries have been recorded? Complete this question by entering your answers in the tabs below. What is the balance of the Investment in Scope account on Pistol's balance sheet at December 31, 20X8, after all required equity-method entries have been recorded