Pascal Ltd owns 80% of the share capital of Smith Ltd. On 1 January 2021, Smith Ltd sold machinery to Pascal Ltd for $80 000 cash. This machinery was carried at $72 000 in the records of Smith Ltd at the time of sale. Pascal depreciates the machinery using 20% straight-line method. The income tax rate is 30%. A junior accountant working for Pascal Ltd recorded the following consolidation adjustment for 30 June 2021: 8 000 Machinery Gain on sale of machinery Dr Cr 8 000 2 400 Deferred tax asset Income tax expense Dr Cr 2 400 NCI share of profit/loss NCI 1 120 Dr Cr 1 120 1 600 Accumulated depreciation Depreciation expense D Cr 1 600 480 Income tax expense Deferred tax asset Dr Cr 480 Discuss in detail whether the entries are correct and complete