1. On 01/01/2020, Carter Ltd. entered into a contract to lease a machine for 3 years. Carter must pay 48,000 each year with the lease payments commencing on 31/12/2020. Carter Ltd. can borrow at a rate of 5% each year. Required: Calculate the lease liability and right to use the asset at inception of the lease and at year- end in Carter's financial statements. Draw the journal entries that Carter Ltd. needs to create for year 2020