Penny Ltd, a reporting entity, acquired 100% of the issued shares of Lane Ltd on 1 July 2016, The transactions below represent intra-group transactions relevant to the consolidated financial statements for the 2020 (1 July 2019 to 30 June 2020) financial year. On 1 October 2019, Flamingo Ltd provided a 5-year term loan to Stork Ltd in the amount of $400,000. Interest on the loan which was set at 6% per annum, is payable annually in arrears. Both Stork Ltd and Flamingo Ltd utilise accrual accounting. Include all narrations. Show all workings. Where workings are not shown, part The company income tax rate is 30%. marks will not be awarded. Required: a) Show the consolidation adjustment entries needed to eliminate the above intra-group transactions for financial year ended 30 June 2020 in accordance with AASB 10 Consolidated Financial Statements. If no entry is required, please provide a brief explanation why you believe a consolidation adjusting entry is not required. b) Explain briefly the income tax and deferred tax treatment of the consolidation adjustment entries you have shown