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Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Paper Company acquired...

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Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Paper Company acquired 100 percent of Scissor Company's outstanding common stock for $370,000 on January 1,20X8, when the book value of Scissor's 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 December 31,20X8, are as follows: Required a. Prepare the journal entries on Paper's books for the acquisition of Scissor on January 1, 20X8, as well as any normal equity-method entry(ies) related to the investment in Scissor Company during 20X8. b. Prepare a consolidation worksheet for 208 in good form

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