Nordway Corporation acquired 90 percent of Olman Company's voting shares of stock in 20X1. During 20X4, Nordway purchased 49,000 Playday doghouses for $24 each and sold 34,000 of them to Olman for $30 each. Olman sold 27,000 of the doghouses to retail establishments prior to December 31, 20X4, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare all journal entries Nordway recorded for the purchase of inventory and resale to Olman Company in 20X4. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the purchase of inventory on account. Nordway Corporation acquired 90 percent of Olman Company's voting shares of stock in 20X1. During 20X4, Nordway purchased 49,000 Playday doghouses for $24 each and sold 34,000 of them to Olman for $30 each. Olman sold 27,000 of the doghouses to retail establishments prior to December 31, 20X4, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare all journal entries Nordway recorded for the purchase of inventory and resale to Olmarn Company in 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 Record the sales of the Playday doghouses. Nordway Corporation acquired 90 percent of Olman Company's voting shares of stock in 20X1. During 20X4, Nordway purchased 49,000 Playday doghouses for $24 each and sold 34,000 of them to Olman for $30 each. Olman sold 27,000 of the doghouses to retail establishments prior to December 31, 20X4, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare all journal entries Nordway recorded for the purchase of inventory and resale to Olman Company in 20x4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the cost of goods sold. b. Prepare the journal entries Olman recorded for the purchase of inventory and resale to retail establishments in 20x4. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the purchase of inventory on account. Note: Enter debits before credits. Event General Journal Debit Credit b. Prepare the journal entries Olman recorded for the purchase of inventory and resale to retail establishments in 20x4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the sales of the Playday doghouses. Note: Enter debits before credits. Event General Journal Debit Credit 2 b. Prepare the journal entries Olman recorded for the purchase of inventory and resale to retail establishments in 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the cost of goods sold. Note: Enter debits before credits. Event General Journal Debit Credit c. Prepare the worksheet consolidation entry(ies) needed in preparing consolidated financial statements for 20x4 to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the consolidation entry Note: Enter debits before credits. Entry Accounts Debit Credit