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Question 1. Accounting for Leases, (13 marks) Australian Federal Government recently released its budget for 2020. The economic forecast is a bit concerning to ABC Led, Instead of purchasing, ABC Led on 1 July 2020 signs a non-cancellable agreement to lease a building from Cool Finance Ltd. The lease agreement requires seven annual payments of $375,000, with the first payment being made on 30 June 2021. Within each of these payments, $25,000 represents a payment to Cool Finance Lid for rates and maintenance of the property. The building is expected to have a life of only nine years, after which time it will have no salvage value. At 1 July 2020, the land and building have a fair The land and building are expected to have a value (unguaranteed by the lessee) of $500,000 at the end of year 7, wit 1$150,000 and the building component expected to be worth $350,000. The rate of interest implicit in REQUIRED: 1.1 What exemptions are available t 1.2 Prove that the interest rate ease payments.(1 marky 1.3 Prepare the journal entries fo lations to determine interest expenses, the reduction of principal in each 1.4 Prepare the portion of the's et and lease liability for the years ending 30 June 2021 and 30 June 2022 (25.comp 1:5 Prepare the journal entri leas show your calculations