Planner Corporation owns 70 percent of Schedule Companys voting shares. During 20X3, Planner produced 27,000 computer desks at a cost of $86 each and sold 12,000 of them to Schedule for $98 each. Schedule sold 8,000 of the desks to unaffiliated companies for $142 each prior to December 31, 20X3, and sold the remainder in early 20X4 for $152 each. Both companies use perpetual inventory systems.

c. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31, 20X3, 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.) view transaction list transaction list No Entry Accounts Debit Credit A Sales 1,176,000 Cost of goods sold Inventory 176,000 d. 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 no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Record the consolidation entry for the intercorporate sale of inventory. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Record entry Clear entry view consolidation entries 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 $86 each and sold 12,000 desks to Planner for $98 each in 20X3, with Planner selling 8,000 desks to unaffiliated companies in 20x3 and the remaining 4,000 in 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Record the consolidation entry for the intercorporate sale of inventory. Note: Enter debits before credits. Accounts Debit Credit Entry 1