ADVANCED CORPORATE REPORTING CASE STUDY OF BRITTLE LTD Prior to the pandemic, Brittle Ltd signed an eight (8) year lease contract with Leasing Asset Ltd. The lease contract gave Brittle Ltd access to the use of a specialized item of machinery produced by Leasing Asset Ltd. The machinery has an economic useful life of 10 years. There areannual lease payments of $232 000 at the end of each reporting year which includes a service feeof 10%. Brittle Ltd has the option to purchase the machinery at price of 10% of its fair value at end of the lease terms which is lower the market value at that time. Brittle Ltd incurs a legal fee of $25 000 in relation to the lease contract Additional Information on lease contract: The fair value of machinery is $1 294 384 Applicable rate of interest is 14% Required: With reference to the case of Brittle Ltd, provide appropriate responses to the following questions: A. (1) With regards to the provisions of AASB 16, present a critical analysis with justifications onhow Brittle Ltd should classify the lease contract. (ii) Present an extract of the statement of financial position and statement of income for the leasecontract for the end of year 1 and 2 for Brittle Ltd