Question $2[18$ Marks$]$ Mayor Ltd entered into a lease agreement with Fantasy Traders Ltd for the lease of printing equipment for a non$-$cancellable lease 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 Ltd depreciates 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 information given. SARS recognises this lease as a rental agreement in terms of the VAT Act and only allows the lease instalment as a deduction when paid. The company is taxed at $27\%.$ No VAT is included in the lease as Fantasy Traders Ltd is not a registered VAT vendor. Required: Prepare the journals for the year ended $31$ December $2024$ in the records of Mayor Ltd$.$ Include all calculations.