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Planet Corporation acquired 90 percent of Saturn Company's voting shares of stock in 20X1. During...

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Accounting

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Planet Corporation acquired 90 percent of Saturn Company's voting shares of stock in 20X1. During 20X4, Planet purchased 45,000 Playday doghouses for $32 each and sold 30,000 of them to Saturn for $38 each Saturn sold all of the doghouses to retall establishments prior to December 31, 20X4, for $53 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 fleld.) View transaction list Journal entry worksheet

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