Question: Provide example journal entries for the following scenario: (10%) Co B operates under a regulated ETS and is allocated 1 000 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.