On 1 July 2015, Helvelyn Ltd (which applies IAS17) entered into a finance lease to acquire a machine. The cash price of the machine would have been £132,000. The lease agreement specified that the company would make four lease payments, each of £45,303, on 30 June 2016, 2017, 2018 and 2019. The interest rate implicit in the lease was 14% per annum. Helvelyn Ltd prepares accounts to 30 June each year.

Using the actuarial method to allocate finance charges over the lease period, calculate the finance charge which should be shown as an expense in the company's financial statements for each of the years to 30 June 2016, 2017, 2018 and 2019. Also show how the liability to the lessor should be represented in the statement of financial position of Helvelyn Ltd on 30 June 2016.