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Paper Company acquired 80 percent of Scissor Company’s outstanding common stock for $296000 on January 1 20X8 when the book value of Scissor’s net assets was equal to $370000 Paper uses the

Paper Company acquired 80 percent of Scissor Company’s outstanding common stock for $296,000 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 January 1, 20X8, are as follows:  Required a. Prepare the journal entry on Paper’s books for the acquisition of Scissor Co. on January 1, 20X8. b. Prepare a consolidation worksheet on the acquisition date, January 1, 20X8, in good form. c. Prepare a consolidated balance sheet on the acquisition date, January 1, 20X8, in goodform.

Apr 21 2020 View more View Less

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