Study Lab Ltd is a public reporting entity and is required to prepare consolidated financial statements for the group. The company accountant has made the following adjusting entries in the worksheet for the year ended 30 June 2022 and each entry is independent. Corporate tax rate is 30%. Entry 1: (Suggested time: 1 minute) Date Account name REF Debit ($) (2 marks) Credit ($) 30/6/2022 Sales 1 400,000 Cost of sales 1 400,000 Entry 2: (Suggested time: 4 minutes) (8 marks) Date Account name REF Debit ($) Credit ($) 30/6/2022 Sales 2 50,000 Cost of sales 2 Plant 2 20,000 30,000 30/6/2022 DTA ITE 3 9,000 3 9,000 30/6/2022 Accumulated depreciation 4 3,000 Depreciation expense 4 3,000 30/6/2022 ITE DTA 5 900 5 900 Entry 3: (Suggested time: 1 minute) (2 marks) Date Account name REF Debit ($) Credit ($) 30/6/2022 Accrued Rental expense 6 3,000 Accrued Rental income 6 3,000 Rent income 6 36,000 Rent expenses 6 36,000 Discuss the purpose of each consolidation worksheet entry and the reason why each account has been increased or decreased. Ensure that you discuss the technical reason for each of these adjustments rather than providing a narrative of the calculations for each amount.