It's a matter of politeness more than 'is it right'. I'm encouraging ramhound to post an answer since he comments lots and answers less than he should ;p. However, it should be entirely fine, most of the time to post your own, detailed correct answer.
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(its = possessive, it's = "it is" or "it has". See for example <http://www.wikihow.com/Use-Its-and-It%27s>.)
Peter Mortensen
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Journeyman Geek Mod
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