Planet Corporation acquired $90$ percent of Saturn Company$$s voting shares of stock in $20$X$1.$ During $20$X$4,$ Planet purchased $40,000$ Playday doghouses for $$24$ each and sold $25,000$ of them to Saturn for $$30$ each. Saturn sold all of the doghouses to retail establishments prior to December $31,20$X$4,$ for $$45$ each. Both companies use perpetual inventory systems.

Required:

Prepare the journal entries Planet recorded for the purchase of inventory and resale to Saturn Company in $20$X$4.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Prepare the journal entries Saturn recorded for the purchase of inventory and resale to retail establishments in $20$X$4.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Prepare the worksheet consolidation entry$($ies$)$ needed in preparing consolidated financial statements for $20$X$4$ to remove all effects of the intercompany sale.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.