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Planner Corporation owns 70 percent of Schedule Company's voting shares. During 20x3. Planner produced 31,000 computer desks at a cost of $90 each and sold

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Planner Corporation owns 70 percent of Schedule Company's voting shares. During 20x3. Planner produced 31,000 computer desks at a cost of $90 each and sold 16,000 of them to Schedule for $102 each. Schedule sold 10,000 of the desks to unaffiliated companies for $142 each prior to December 31,203, and sold the remainder in early 204 for $152 each. Both companies use perpetual inventory systems. Required: a. What amounts of cost of goods sold did Planner and Schedule record in 203 ? b. What amount of cost of goods sold must be reported in the consolidated income statement for 203 ? (Do not round intermediate calculations.) c. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31,20x3, relating to the intercorporate sole of inventory (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) c. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31,203. relating to the intercorporate sale of inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Consolidation Worksheet Entries Record the consolidation entry for the intercorporate sale of inventory. fotet Enter detats betore credits. d. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31,204, relating to the intercorporate sale of inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Consolidation Worksheet Entries Record the consolidation entry for the intercorporate sale of inventory. Noter, Enter debits bedore creedits. e. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31,20x4. relating to the intercorporate sale of inventory if the sales were upstream. Assume that Schedule produced the computer desks at a cost of $90 each and sold 16,000 desks to Planner for $102 each in 20X3, with Planner selling 10,000 desks to unaffilated companjes in 203 and the remaining 6,000 in 204. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Consolidation Worksheet Entries Record the consolidation entry for the intercorporate sale of inventory. Nole: Eiser debits belore credits

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