Planet Corporation acquired 100 percent of the voting common stock of Saturn Company on January 1, 20X7, by issuing bonds with a par value and fair value of $670,000 and making a cash payment of $24,000. At the date of acquisition, Saturn reported assets of $740,000 and liabilities of $140,000. The book values and fair values of Saturn's net assets were equal except for land and copyrights Saturn's land had a fair value $16,000 higher than its book value. All of the remaining purchase price was attributable to the increased value of Saturn's copyrights with a remaining useful life of eight years. Saturn Company reported a loss of $88,000 in 20X7 and net income of $120,000 in 20X8. Saturn paid dividends of $24.000 each year. Required: Assuming that Planet Corporation uses the equity method in accounting for its investment in Saturn Company, prepare all journal entries for Planet for 20X7 and 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.