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Australian Federal Government recently released its budget for 2020. The economic forecast is a bit concerning to ABC Ltd. 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 value of $588, 160 and $1,372,370, respectively. The land and building are expected to have a value (unguaranteed by the lessee) of $500,000 at the end of year 7, with the land component expected to be worth $150,000 and the building component expected to be worth $350,000. The rate of interest implicit in the lease is 10 percent. REQUIRED: 1.1 What exemptions are available that would allow a lessee not to capitalise lease assets and lease liability? (1 Mark) 1.2 Prove that the interest rate implicit in the lease is 10 percent and calculate the present value of the minimum lease payments. (1 mark) 1.3 Prepare the journal entries for the years ending 30 June 2021, and 30 June 2022 for ABC Ltd. Show your calculations to determine interest expenses, the reduction of principal in each year and the present value of the lease liability. (5 marks) 1.4 Prepare the portion of the statement of financial position (balance sheet) for ABC Ltd relating to the leased asset and lease liability for the years ending 30 June 2021 and 30 June 2022 (as comparative figures). (1 mark) 1.5 Prepare the journal entries for the years ending 30 June 2021 and 30 June 2022 for Cool Finance Ltd. Please show your calculations