Question Completion Status: QUESTION 4 27 points Save Answer Georgla is the assistant accountant for the Spring Ltd 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 (5) Interest Payable 4,800 Interest Receivable 4,800 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 Deble(s) Credit (S) Proceeds on sale of Plant 25,000 15,000 Carrying amount of Plant sold 10,000 Inventory 3,000 Deferred Tax Asset 3,000 Income Tax Expense 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 AAS810. (9 marks) (b) Prepare all the consolidation worksheet entries required, according to AASB10 for the above transactions (18 marks) Save All Aniwers Close Window Save and Stud faumit Click Save All Answers to save all answers