Answer this que as soon as possible....with proper calculations

Total marks :30 Paper: Advance Financial Accounting Time allowed: 2 hours Instructions: There are two sections Section A: 4 Short questions of 5 Marks each, Section B: 1 Long question of 10 Marks. Submit our answer scripts on Google Class Room. Answer Scripts submitted other than Google Class Room will not be marked Answers scripts (PDF's) submitted after the Due time will be negatively marked. . Section A: Short Question(SQ) x 4 SQ # 1: Rasheed Ltd is planning to buy a SUV namely SUZUKI Vitara for managing director. Upon searching, management came to know couple of alternatives; Option 1: Vehicle can be bought for cash at a cost of PKR 5,910,000/- while Option 2. Al Baraka bank is offering that company can lease it by way of a finance lease. The terms of the lease are as follows: Primary period is for four years from 1 January 2019 with a rental of PKR2,000,000/- pa payable on 31 December each year. The lessee is required to pay all repair, maintenance and insurance costs as they arise. The interest rate implicit in the lease is 15%. The useful economic life of vehicle will be Five Years. Present values of minimum lease payments for four years calculated at variable discount rates are 1,900,000, 1,610,000,1,200,000 and 1,000,000 respectively. Draft a lease schedule and calculate figures to be reported in the financial statements for the year ended 31 December 2020