$1\mathrm{.}1.$ PKT Ltd acquired $80\%$ of the ordinary shares of CF L t d$.$ The net assets were fairly valued on $1$ January $2021$ except for machinery that were undervalued by R$550000.$ The machine was purchased on $1$ January $2020$ for R$1250000$ and had a useful life of $5$ years. No adjustments at acquisition for the above matter. Prepare the journal entries $($with narrations$)$ for the year ended $31$ December $2022.$ Assume a tax rate of $30\%1\mathrm{.}2.$ PKT Ltd wanted to achieve a $25\%$ GP for each sale completed. Inventory sales between A B and C F Ltd amounted to R$1875000$ for the year ended $31$ December $2022.$ Inventory on hand in CF Ltd previously purchased from PKT Ltd:

$[$ R$620000(31$ December $2022)$; R$750000(31$ December $2021)]$

Prepare the journal entries $($with narrations$)$ for the year ended $31$ December $2022.$ Assume a tax rate of $30\%$