8% Additional Information: 1. Included in the $121,500 of annual payments is $9,000 which represents reimbursement to Tara Lid on insurance and maintenance for the machine. 2. The lease is cancellable but will incur a monetary penalty equivalent to 2 years' lease payments. 3. Arya Ltd intends to return the machine to Tara Lid at the end of the lease term. 4. The machine is to be depreciated using straight-line method: Required: Answer this question in an excel or word file and upload the file when completed. Name your file in your last name and student ID. i. Based on the above information, you are required to: Calculate the present value of the lease payment [2 marks]. ii. From the perspective of Tara Ltd (lessor), justify why the lease is considered a finance lease [4 marks]. iii. Prepare a schedule of lease payments for Arya Ltd (the lessee) [4 marks]. iv. Prepare all relevant journal entries (narrations are not required) in Arya Ltd's books from 1 July 2020 to 30 June 2021, explaining how the depreciation of the lease calculated by Arya Ltd [5 marks]. Note: Show all necessary workings and round all figures to nearest dollar. sure that you leave yourself enough time to upload your file responses. It is recommended that you upload your file as you complete a file respons