3 The accountant for the cinema suggests to the owners Henri and Michelle to review accounting policy . . Accounting policy notes: The Cinema Movie Projector was purchased on 1 July 2017 at a cost of $80,000 (GST Excluded). The Cinema Movie Projector is depreciated by adopting the Reducing Balance or Diminishing Value Method at a rate of 15% per annum. A new high-powered lens was purchased and fitted to the Cinema Movie Projector on 31 December 2020 at a cost of $22,000 (GST Inclusive) from Eastern Visual Engineering Pty Ltd. Eastern Visual Engineering extends (grants) 7 days credit terms. Required: 1. Complete the Depreciation Schedule for the Cinema Movie Projector from the date of purchase to 31 December 2020. The first year has been completed as a guide. 2. Record the purchase of the new lens to the Cinema Movie Projector on 31 December 2020 in the general journal. A narration is REQUIRED. (3 marks) 3. Determine the Value of the Cinema Movie Projector after the purchase and installation of the new lens that would be reported in the Balance Sheet as at 31 December 2020. Support your workings to verify your value for the Cinema Movie Projector 4. The accountant has treated the purchase of the new lens for the Cinema Movie Projector as a capitalised item impacting the value and depreciation of the non-current asset Cinema Movie Projector. The owners Henri and Michelle believe the lens should be expensed against profit thereby decreasing their tax liability. What arguments would the accountant state to Henri and Michelle to caritalise the lens and not treat the new lens as an expense - 5. The accountant has informed Henri and Michelle that instead of paying cash for the new lens for the Cinema Movie Projector, a lease arrangement could be contracted. What advantages would there be by entering into a lease instead of paying the full amount of the purchase price by the business