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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 18,000 of the doghouses to retail establishments prior to December 31,204, for $45 each. Both companies use perpetual inventory systems. Required: a. Prepare all 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. Journal entry worksheet ivute: cnicer aedits berore credits. Record the sales of the Playday doghouses. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Prepare the journal entries Saturn recorded for the purchase of inventory and resale to retail establishments in 204. Note: If no entry is requirect for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Prepare the worksheet consolidation entry(ies) needed in preparing consolidated financial statements for 204 to remove the 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. Consolidation Worksheet Entries

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