Planet Corporation acquired 90 percent of Saturn Company's voting shares of stock in 20X1. During 20X4, 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, 20X4, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare the journal entries Planet recorded for the purchase of inventory and resale to Saturn Company in 20X4. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No A B C Event 1 2 3 Inventory Cash (Accounts payable) Cash (Accounts receivable) Sales Cost of goods sold Inventory Inventory General Journal Cash (Accounts payable) Cash (Accounts receivable) Sales Cost of goods sold Inventory Sales Cost of goods sold *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. XX Debit 960,000 750,000 600,000 750,000 1,125,000 750,000 750,000 Credit 960,000 750,000 600,000 750,000 1,125,000 750,000 750,000

Planet Corporation acquired 90 percent of Saturn Company's voting shares of stock in 201. During 20X4, 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 31,204, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare the journal entries Planet recorded for the purchase of inventory and resale to Saturn Company in 204. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. b. Prepare the journal entries Saturn recorded for the purchase of inventory and resale to retail establishments in 204. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. c. Prepare the worksheet consolidation entry(ies) needed in preparing consolidated financial statements for 204 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