Kieran Knowles is the assistant accountant for the Vivo Ltd, a public company group. Kieran has recorded the following entries in the consolidation worksheet for the year ended 30 June 2023, using a tax rate of 30%: Transaction 1: One of the group subsidiary's sold a motor vehicle to the parent company Vivo Ltd on 1 January 2020 for $80,000. This motor vehicle had a carrying amount of $52,000. This motor vehicle has been depreciated by both companies at a rate of 10% on cost. (8 marks) Suggested time: (3 minutes) Consolidation entry 30 June 2023: Account name Debit ($) Credit ($) Sales 80,000 Cost of goods sold expense 52,000 Motor Vehicle 28,000 Deferred Tax Asset (DTA) 8,400 Income tax expense (ITE) 8,400 Accumulated Depreciation 8,000 Depreciation expense 8,000 Transaction 2: Vivo Ltd sold inventory for $21,000 to a subsidiary on 30 April 2023. Vivo Ltd had paid $13,000 for this inventory. On 30 June 2023 the subsidiary company reported 60% of this inventory had been sold to external parties for $29,000. (4 marks) Suggested time: (2 minutes) Consolidation entry 30 June 2023: Account name Debit ($) Credit ($) Sales 50,000 Cost of goods sold 29,000 Inventory 21,000 Income tax expense (ITE) 6,300 Deferred Tax Asset (DTA) 6,300 (Continued on following page) 3 Required: As the group accountant of Vivo Ltd, you are required to review Kieran's worksheet entries. Apply appropriate referencing and technical knowledge to address the following: (a) For each transaction above, identify all errors or omissions by Kieran and explain the reason why the entry is incorrect in accordance with the relevant Australian (International) accounting standards. (b) In your discussion, provide all the correct consolidation worksheet entries required for each of the above transactions for the Vivo Ltd group, as at 30 June 2023. Explain which account and amount will be debited and credited. Include any tax effects in your discussion.