A company leased a motor vehicle for five (5) years. Legal ownership of the motor vehicle will be transferred to the lessee when the final lease payment is made. The lessee depreciates motor vehicles on the reducing balance basis at 20% per annum. Cash price of motor vehicle Lease period Down payment on January 1, 2021 Interest rate (reducing balance) Financial year end Monthly lease payment Loan Amortization Schedule $2,200,000 5 years $200,000 20% December 31 $52,987.76 Year Opening Total Principal Interest Balance Payments Payments Payments 2021 $2,000,000.00 $635,853.12 $258,720.34 $377,132.78 2022 $1,741,279.66 $635,853.12 $315,481.74 $320,327.38 2023 $1,425,797.92 $635,853.12 $384,695.18 $251,157.94 2024 $1,041,102.74 $635,853.12 $469,093.86 $166,759.26 2025 $ 572,008.88 $635,853.12 $572,008.88 $ 63,844.24 Required: a. What charges should be reflected in the Profit and Loss Account of the lessee for the year ended December 31, 2022, and 2021. (4 marks) b. Prepare a table showing the gross future payments and the non-current liabilities for 2022 and 2021. (9 marks) c. Prepare the Statement of Financial Position extract as at December 31, 2022 with comparative figures in the lessee's books. (7 marks)