1. On 1 January 2022, Thom Ltd entered into a non-cancellable lease agreement to lease an equipment from Sanders Ltd for 5 years. The contract requires Thom Led to make half yearly lease payments of $350,000 for 5 years, on 30 June and 31 December, each year, commencing on 30 June 2022. Included within the $350,000 half yearly lease payments, is an amount of $35,000 representing payment to Sanders Lid for the insurance and maintenance of equipment. The equipment is expected to have a useful life of 6 years, after which time it is expected to have a salvage value of $550,000. The bargain purchase option is exercisable by Thom Ltd at the end of the lease term for $275,000. The equipment is to be depreciated on a straight-line basis. The interest rate implicit in the lease contract is 6% per annum. Requirements: a) Calculate the lease liability and lease asset for Thom Ltd; b) Prepare a full lease schedule for Thom Lid., showing the division of the lease rental into interest and principal components; and c) Provide the journal entries for the lease transactions in the books of Thom Ltd. for the financial year ending 31 December 2022 (include journal entries at the inception of lease on 1 January 2022).Background information The profit before tax, reported in the statement of comprehensive income of Acme Ltd for the year ended 302022 amounted to: 19,230,000 Subscription revenue 600,000 Government award income 1,081,000 Doubtful debts expense 120,000 Depreciation (Equipment) 781,200 Depreciation (Buildings) 192,000 Maintenance expense 540,000 Employee benefits expense 360,000 Rent expense 180,000 Entertainment expense 300,4002022 ($) 2021 ($) Assets Cash 1,261,000 1,382,000 Inventory 2,704,000 2,463,000 Accounts receivable 7,812,000 7,451,000 Allowance for doubtful debts -624,000 576,000 Prepaid rent 336,000 312,000 Equipment 7,812,000 7,812,000 Accumulated depreciation - Equipment -3,906,000 -3,124,800 Buildings 4,807,000 4,807,000 Accumulated depreciation - Buildings -1,923,000 -1,730,000 Land 3,004,000 3,004,000 Goodwill (net) 1,201,000 1,201,000 Deferred tax asset ? 60,780 Liabilities Accounts payable 4,567,000 4,086,000 Provision for maintenance 961,000 721,000 Provision for employee benefits 661,000 480,000 Subscription received in advance 420,000 300,000 Deferred tax liability ? 0Additional Information: Subscription revenue is tax assessable when it is received in cash Government award income is not tax assessable Doubtful debts are tax deductible when the company actually incurs bad debts/write off For accounting purpose, the equipment is depreciated using the annual straight line method at a rate of: 10% For tax purpose, however, the equipment is depreciated using the annual straight line method at a rate of: 15% Depreciation of buildings is not allowed as tax deductions and goodwill is not tax assessable Employee benefits are tax deductible when they are paid in cash to the employees Rent expense and maintenance expense are tax deductible when paid in cash Entertainment expense is not allowed as tax deduction Assume a tax rate for the financial years ending 30 June 2021 and 2022 to be: 30% Required: Calculate the taxable income/tax loss and the current tax liability (if any} for the financial year ended 30 June 2022. Prepare a journal entry to recognise the current tax liability/tax loss. Calculate deferred tax asset and deferred tax liability balances as at 30June 2022. Prepare the deferred tax journal entries for the year ended 30 June 2022. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances. Show your caicuiation using deferred tax worksheets by creating separate coiumnsfor: carrying amount, tax base, taxabie temporary direrences and deductibie temporary differences. Assume that by 1 December 2022 there was a change in tax rate to: 27.50% With reference to M50112 Income Taxes, discuss the accounting treatment of the deferred tax asset and deferred tax balances as at 1 December 2022 following a lower tax threshold for the 20222023 financial year. Prepare the journal entries to record the effect of change in tax rate