Question 2: (25 points) Principal Corporation acquired 90 percent of Student Company's common stocks in 2017. During 2019, Principal purchased 24000 Garment items for $30 each and sold 12000 of them to Student for $40 each. Student sold 6400 of the Garment items to non-associate retail store prior to December 31, 2019, for $57 each. Both companies use perpetual inventory systems. Required: A. Give the journal entries Principal recorded for the purchase of inventory and resale to Student Company in 2018. (10 points) B. Give the journal entries Student recorded for the purchase of inventory and resale to retail stores in 2018 (10 points) C. Give the worksheet consolidation journal entry(ies) needed in preparing consolidated financial statements for 2018 to remove all effects of the intercompany sale. (5 points)