QUESTION $1(45$ marks$)$Lucky Star Limited is a company with a $30$ June financial year$-$end.On $1$ August $2021,$ Lucky Star Limited purchased a machine with a cost price of R$3500000.$ The machine is expected to have a useful life of five years with no resid$-$ual value.Lucky Star Limited makes use of the revaluation model to account for machinery, and the revaluation surplus is realised on the sale of the machinery. On $1$ July $2023,$ the machine was revalued and had a net replacement cost of R$3000000.$On $30$ June $2023,$ the machines fair value less costs to sell was determined to be R$2000000$ and the following figures show the expected cash flows from the use of the machine for the remainder of its useful life:YearFuture cash flow$2024$R$9900002025$R$8200002026$R$750000$A discount rate of $12\%$ is applicable.REQUIRED:$1\mathrm{.}1$ Prepare extracts from the statement of financial position as at $30$ June $2023$ and the statement of profit or loss and comprehensive income for the year ended $30$ June $2023$ of Lucky Star Limited showing the necessary line items relating to the machine.Comparative figures are required.Notes to the financial statements are not required.Show all calculations.Round all amounts to the nearest Rand.Ignore all tax implications.$(29$ marks$)1\mathrm{.}2$ Assume that on $30$ June $2024,$ the machine had a carrying amount of R$2071463$ and a recoverable amount of R$1470000.$ Prepare all the general journal entries required in the records of Lucky Star Limited for the $30$ June $2024$ financial year to account for the transactions relating to the machine.$(16$ marks$)$