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Planner Corporation purchased 100 percent of Schedule Company's stock on January 1, 20X4, for $340,000....

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Planner Corporation purchased 100 percent of Schedule Company's stock on January 1, 20X4, for $340,000. On that date, Schedule reported net assets with a historical cost of $300,000 and a fair value of $340,000. The difference was due to the increased value of bullings with a remaining life of 10 years. During 204 and 205, Schedule reported net income of $10,000 and $20,000 and paid dividends of $6,000 and $9,000, respectively. Required: (a) Assuming that Planner Corporation uses the equity method in accounting for its ownership of Schedule Company. Prepare the journal entries that Planner recorded in 204 and 205. (If no entry is required for o transaction/event, select "No journal entry required "in the first account field.)

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