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6 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, 20X6. contained these amounts: 5 points Cash Accounts Receivable Inventory Buildings & Equipment Less: Accunulated Depreciation Total Assets $ 75,80Accounts Payable 5e,eee Bonds Payable 125.ee Connon Stock ($10 par) 7ee,eee Additional Paid-In Capital (228,600) Retained Earnings $ 730,cee Total Liabilities & Equities $ 30,88 200,880 180,00 88,888 320,880 $738,888 eBook Print Reference: During 20x7. Paper eamed 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 Nonaffiliated Company on January 1, 20x7: (1) Compute the effect on the book value of the shares held by Paper. (Do not round Intermediate calculations. Input the amount as positive value.) Book value by 6 2) Prepare the entry on Paper's books to record the change in the book value of its Investment in Script's shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction liat eBook Journal entry worksheet Print Prepare the entry on Paper's books to record its sale of Script shares to Script. Reference: Note: Enter debits before credits General Journal Debit Credit Event 1 Record entry Clear entry View general Journal b 3) Present the worksheet consolidation entry needed on December 31, 20X7 to complete a worksheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points view transaction liet eBook Consolidation Worksheet Entries Print References Record the basic consolidation entry. Note: Enter debits before credits Event Accounts Debit Credit 1 Record entry Clear entry view consolidation entries