PKT Ltd acquired $80\%$ of the ordinary shares of CF Ltd$.$ 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 $30\%$