On $1$ January $2022,$ Jigsaw Ltd $($Jigsaw$)$ acquired $45\%$ of the issued shares of PuzzleLtd $($Puzzle$)$ from a third party, Labyrinth Ltd for R$90000.$ The ordinary share capitalof Puzzle has remained the same since the acquisition. In accordance with acontractual arrangement, Jigsaw exercised joint control over Puzzle. The arrangementwas classified as a joint venture in accordance with IFRS $11($Joint Arrangements$).$The following trial balance was obtained from the financial records of Puzzle for thefinancial year ended $31$ December $2023$:Final Trial balance Puzzle Ltd$($R$)$DR CROrdinary share capital $($R$1$ each$)100000$Retained earnings: $1$ January $2023170390$Mark$-$to$-$market reserve: $1$ January$2023156800$Ordinary dividends paid $50000$Trade and other payables $385500$Property, plant, and equipment $475000$Trade and other receivables $250000$Inventory $155000$Sales $400000$Cost of sales $200000$Other expenses $93000$Income tax expense $($P$/$L$)28890$Mark$-$to$-$market reserve $($OCI$)50000$Income tax expense $($OCI$)1080012626901262690$ANNEXURE F: FORMATIVE ASSESSMENT $174$ HFAC$333-1-$July$-$Dec$2024-$FA$1-$SK$-$V$4-16072024$On $1$ January $2022($acquisition date$)$ Puzzle had the following credit balances:Ordinary Share capital $($R$1$ each$)$ R$100000$Retained earnings R$30300$Mark$-$to$-$market reserve R$78400$R$208700$On $1$ January $2022,$ the net identifiable assets of Puzzle were also considered to befairly valued.During the current year, Puzzle decided to start purchasing inventory from Jigsaw.Jigsaw sold inventory $($that had cost R $67200)$ to Puzzle for R$84000($i$.$e$.$ at cost plus$25\%).$ Exactly half of this inventory is still on hand at $31$ December $2023$ and includedin Puzzles inventory closing balance.Dividends received by Jigsaw was included as part of their dividend income which isincluded in their other income.Additional information: It is Jigsaws policy to measure its investments in joint ventures at cost in itsseparate financial statements. The other comprehensive income of Puzzle for the year contains only gainsregarding investments that are marked to market. Assume a companies Income Tax rate of $27\%.$REQUIRED:Prepare the pro forma journal entries to equity$-$account for Jigsaw Ltds investment inPuzzle Ltd for the financial year ended $31$ December $2023.$ Dates and narrations are not required. Round off to the nearest Rand. Ignore the effects of Dividend Tax and Value Added Tax $($VAT$).(40$ marks$)$