rovide example journal entries for the following scenario: $(10\%)$

Co B operates under a regulated ETS and is allocated $1000$ carbon allowances on $1$ July $2023$ for the year ended June $2024$ for free by the regulator. Co B is a manufacturer and emits carbon emissions in its production process. The fair value of these allowances on $1$ July $2023$ is AUD $110$ per unit. At $30$ June $2024$ Co B uses up the carbon allowances to offset their emissions for the year ended $30$ June $2024.$ The fair value of the carbon allowances at $30$ June $2024$ is AUD $120$ per unit.