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:

Date	Account name	REF	Debit ($)	Credit ($)
30/6/2022	Sales	1	400,000
	Cost of sales	1		400,000

Entry 2:

Date	Account name	REF	Debit ($)	Credit ($)
30/6/2022	Sales	2	50,000
	Cost of sales	2		20,000
	Plant (at cost)	2		30,000
30/6/2022	DTA	3	9,000
	ITE	3		9,000
30/6/2022	Depreciation expense	4	3,000
	Accumulated depreciation	4		3,000
30/6/2022	ITE	5	900
	DTA	5		900

Entry 3:

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

Required:

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. Apply technical knowledge with reference to AASB 3 and AASB 10, to provide clear, correct and decisive advice.

Very Important Note:

I need answer why each entry is debited and credited and what AASB rule applies in it. I would require answer ASAP?

Eg Entry 1: Why do we debit $400,000? From the Group's perspective why should this be debited?

1) What intagroup transaction has occured between parent and subsidiary in order for this adjusting entry to be made?

explain all these types of entries and the REASON for them.