An asset with a cash value of is 200,000 is leased over a period of 4 years. - The asset is depreciated over A years to a nil residual value. - Anrual instattinents of R571,475 are payable in arrears. - The discount rate (interest rate implicit) is 16% per annum. - The lease commenced on 1 March 2005. The first installment is payable on 28 Fobruary 2005 and the financial year of the lesset ends on 31 December. Requiteds For lassee: a) Drait the journat entries for the yeer ended 31 December 2005 b) Statement of Financial Position extracts as on 31 December 2005 c) Statement of Comprehensive Income extracts for the year ended 31 December 2005 d) Draft the journal antries for the year ended 31 December 2005 e) Statement of Comprehensive income extracts for theyear thded 31 December 2006 f) Statement of Financial Position extrects as on 31 December 2008 [with comparatives) B) Statement of Comprehensive Income extrects for the year emded 31 December 2008 (with comparatives) h) Statement of Financial Positien extracts as on 31 Deceinber 2006 (with comparatives) i) Statement of Comprehensive income cxtracts for theyear ended 31 December 2006 (with comparatives) Treatment of Lasein the Bools of Lessee: At the commencement date", a lecsee shall recognise a right to use asset and a lease liablitity. "Commencement date; means the date, lessor makes the asset avallable for use to the lessee. Initial Measurement: The entry stall initially be made at the prerent value of lease payments 2. Lease Pryments; means all relevant payments payable by lessee under the lease contract