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 $88 each and sold 16,000 desks to Planner for $100 each in 20X3, with Planner selling 10,000 desks to unaffiliated companies in 20x3 and the remaining 6,000 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.) Answer is not complete. No Entry Accounts Debit Credit A 1 880,000 X 880.000 X 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.) Answer is not complete. No Entry Accounts Debit Credit 1 Cost of goods sold x 1,408,000 X 1,408,000 X 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.) Answer is not complete. No Entry Accounts Debit Credit 1 1,000,000 X 1,000,000 X Planner Corporation owns 60 percent of Schedule Company's voting shares. During 20X3, Planner produced 31,000 computer desks at a cost of $88 each and sold 16,000 of them to Schedule for $100 each. Schedule sold 10,000 of the desks to unaffiliated companies for $144 each prior to December 31, 20X3, and sold the remainder in early 20X4 for $154 each. Both companies use perpetual inventory systems. Required: a. What amounts of cost of goods sold did Planner and Schedule record in 20x3? Answer is complete and correct. Cost of Goods Sold $ 1,408,000 $ 1,000,000 Planner Corporation Schedule Company b. What amount of cost of goods sold must be reported in the consolidated income statement for 20x3? (Do not round intermediate calculations.) Answer is complete and correct. Cost of goods sold $ 880,000