Pit Coporation owns 75% of Stop Company's outstanding common stock. On 08/28/21, Pit sold inventory to Stop in exchange for $540,000 cash. Pit had purchased the inventory on 05/02/21 at a cost of...

Pit Coporation owns 75% of Stop Company's outstanding common stock.  On 08/28/21, Pit sold inventory to Stop in exchange for $540,000 cash.  Pit had purchased the inventory on 05/02/21 at a cost of $324,000.

On 12/21/21, Stop sold 80% of the inventory to 3rd parties at a cash price of $720,000.  The other 20% of the inventory remains on hand at 12/31/21.

Pit's Journal Entries would include:

To Acquire The Inventory:

A debit to Inventory and a credit to Cash in the amount of:

To Sell the Inventory to Stop:

A debit to Cash and a credit to Sales in the amount of:

A debit to Cost of Goods Sold and a credit to Inventory in the amount of: