Question $1[12$ Marks$]$Happy Ltd entered into a lease agreement with Runners Ltd for the use of a plant purchased by Happy Ltd on $1$ January $2020$for R$575000.$ The lease commenced on $1$ January $2022$ and is set for a duration of three years. At the end of the leaseperiod, Runners Ltd had the option to purchase the plant at its market value and exercised this option, acquiring the plant forR$65000.$ Happy Ltd depreciates plant over three years on the straight$-$line basis. SARS tax companies at $27\%.$Happy Ltd depreciated the plant on a straight$-$line basis over three years. Runners Ltd purchased the plant at the end of thelease period for R$65000($at the unguaranteed residual value of the plant$).$The lease commenced on $1$ January $2022$ for a period of three years. Annual lease instalments were payable by Runners Incon $31$ December of each year throughout the lease term.Instalments payable is: Year $1$R $215000$Year $2220000$Year $3225000$Required:$1\mathrm{.}11\mathrm{.}2$ Calculate the deferred tax movements per financial year, covering the lease period, in the records of Happy Ltd$.(4)$Prepare the journal entries in the accounting records of Happy Ltd for the duration of the lease. $(8)$Question $2[18$ Marks$]$Mayor Ltd entered into a lease agreement with Fantasy Traders Ltd for the lease of printing equipment for a non$-$cancellablelease period of six years. The lease commenced on $1$ January $2024.$Annual instalments of R$157735$ are payable in arrears on $31$ December.The present value of the lease payments, discounted at the lease's implicitly interest rate of $9\%$ is R$707586,37.$ Mayor Ltddepreciates the right of use assets at $25\%$ per annum on the straight$-$line basis.Profit before tax, and before any adjustments relating to the information above is R$915000.$There are no differences between the accounting profit and the taxable profit other than those evident from the informationgiven.SARS recognises this lease as a rental agreement in terms of the VAT Act and only allows the lease instalment as a deductionwhen paid. The company is taxed at $27\%.$ No VAT is included in the lease as Fantasy Traders Ltd is not a registered VATvendor.Required:Prepare the journals for the year ended $31$ December $2024$ in the records of Mayor Ltd$.$ Include all calculations.