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4110.1 Planet Corporation acquired 90 percent of Saturn Company's voting shares of...

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Accounting

4110.1

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Planet Corporation acquired 90 percent of Saturn Company's voting shares of stock in 20X1. During 20X4, Planet purchased 51,000 Playday doghouses for $31 each and sold 36,000 of them to Saturn for $37 each. Saturn sold all of the doghouses to retail establishments prior to December 31, 20x4, for $52 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of inventory. Note: Enter debits before credits. Event General Journal Debit Credit

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