[20 MARE QUESTION TWO: ACCOUNTING FOR LEASES On 1 July 2022 AMW Limited leases a machine for a period of five years with an up-front payment of $200,000 and subsequent lease payments of $600,000 being made at the end of each of the next five years. Included within these lease payments of $600,000 is an amount of $80,000, which the lessor is charging as part of a service contract. The economic life of the asset is assumed to be five years and the machine is assumed to have no residual value at the end of the lease term. The fair va of the machine at the commencement of the lease was $2,332,103. Required: (a) Determine the implicit interest rate of the lease; and (5 marks) (b) Provide the accounting joumal entries to account for the lease for the financial year ending 30 June 2023. (15 marks) IF [20 MARKS) QUESTION THREE: ACCOUNTING FOR SHARE-BASED PAYMENTS