Bonita Inc. leased a new crane to Swifty Construction Inc. under a six-year, non-cancellable contract starting Feb 1, 2020. The lease terms require payments of $22,500 each Feb 1, startinf Feb 1 2020. Bonita will pay insurance and repair and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $160,000, and a cost to Bonita of $160,000. The crane's estimated fair value is $50,000 at the end of the lease term.No bargain purchase or renewal options are included in the contract. Both Bonita and Swifty have calendar year ends and use IFRS 16. Collectibility of the lease payments is reasonably certain and there are no uncertainties about unreimbursable lessor costs. Swifty's incremental borrowing rate is 8% and Bonita' implicit interest interest rate of 7% is known to swifty.

Identify what will be presented on the statement of financial position and statement of income of both the Lessee and the Lessor at December 31, 2020

Identify what will be presented on the statentent of financial position and statement of income of both the lessee and the lessor at December 31,2020 . (Rhound answers to 0 decinal ploces, eg. 5.275. SwiftyRight-of-UseBonitaOperatingLease Statement of frantial positisrt? 5 5. 7 : Statement of income: $ $