Norman Corporation reports under IFRS and has a December year end. Norman leases equipment on January 3, 2024. It agrees to make annual lease payments of $17,500 over five years at an interest rate of 3.5% with the first payment made at the start of the lease. Norman expects to return the asset at the end of the lease. The present value of the lease payments is $81,779. Norman has a December 31 year end. 

a. Record the leased asset, liability and the payment made at the start of the lease term. 

b. Record the 2024 depreciation for the leased asset using straight-line depreciation, assuming there is no residual value. 

c. Record the interest accrual relating to the lease liability at year end. 

d. What amount relating to the lease will appear as a current liability on Norman’s December 31, 2024, balance sheet? What amount will appear as non-current?