Bold Ltd purchased machinery on $1$ January $2021$ at a cost of R$1200000.$ A major inspection has to be carried out on the machinery every three years. The last inspection performed on the machine was on $31$ December $2020$ by the seller and the inspection costs were included in the purchase price. On the acquisition date, the present value of future expected inspection costs to be incurred was estimated at an amount of R$240000.$ On the acquisition date the estimated useful life of $10$ years was allocated to the machine. The inspection component is part of the machine and not a separate asset. 

  

Calculate  the total depreciation on the machinery $($including depreciation on the inspection component$)$ for the year ended $31$ December $2023$ ?