Grammar - It's or its?

Ah, it's a beautiful winter day in the forest. The birds are chirpin', the deer are prancin', you're learning the difference between "it's" and "its" -- [horse snorts] Well I know they sound the same, but "it's" and "its" actually mean two different things. "It's" is the contraction of "it" and "is." For example: [wolf howl] What's that sound? It's the howl of the majestic wolf. It sounds like it's pretty close by. Well, shucks. It's biting my leg. "Its" indicates ownership. For example: Its teeth sure are sharp. I reckon I'm being taken back to its den. Well, I think I'm its dinner.