Blackboard X WEBCAM REC Remaining Time: 1 hour, 12 minutes, 50 seconds. * Question Completion Status: QUESTION 4 27 points Save Answer Georgia is the assistant accountant for the Spring Lid group. Georgia has recorded the following entries in the consolidation worksheet for the year ended 30 June 2021, using a tax rate of 30% a) Spring Ltd issued 1000 8% debentures of $60 at nominal value to its subsidiary company in May 2019. Interest is payable yearly each year on 30 September. Consolidation entry 30 June 2021: Account name Debit ($) Credit ($) Interest Payable 4,800 Interest Receivable 4.800 b) Spring Lid sold inventory to its subsidiary company on 1 April 2020 for $25.000. This inventory cost Spring Led $15,000. The subsidiary plans to use this inventory as an item of plant. The subsidiary charges depreciation at a rate of love on cost. Consolidation entry 30 June 2021: Account name Debit ($) Credit ($) Click Save and Submit to save and submit Click Save All Answers to save all answers. Save All Answers Close Window Save and SubmitBlackboard . WEBC Remaining Time: 1 hour, 12 minutes, 32 seconds. Question Completion Status: b) Spring Ltd sold inventory to its subsidiary company on 1 April 2020 for $25,000. This inventory cost Spring Ltd $15,000. The subsidiary plans to use this inventory as an item of plant. The subsidiary charges depreciation at a rate of 10% on cost. Consolidation entry 30 June 2021: Account name Debit ($) Credit ($) Proceeds on sale of Plant 25,000 Carrying amount of Plant sold 15,000 Inventory 10,000 Deferred Tax Asset 3,000 Income Tax Expense 3.000 Required: As the group accountant of Spring Ltd, you are required to review Georgia's entries. (a) For each entry, provide an explanation of any errors or omissions by Georgia. Explain the reason why the entry is incorrect in accordance with AASB10. (9 marks) Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit