CHAPTER 9 Lease On 1 December 2014, Gebouw make payments of 785,000 ea w plc entered into a finance lease requiring the company to on 1 December 2014,2015,2016,2017 and 2018 ir value of the leased asset on 1 December 201 The rate of interest implicit in the lease is 15.65% a year. financial statements for the year ended 30 November 2015 the rental ve a five-year economic life as from 1 December 2014 with no 7 000 and it was life as from 1 December 2014 with no residual 4 was 2.97 ber 2014 has been recorded as a payment and reported as an operati for the year. No other entries have been made. Required: Prepare detailed calculations showing how this lease should have been reported in financial statements for the year to 30 November 2015 in order to conform requirements of IAS17 Leases. State the difference that the appropriate treatment would make to the following totals reported in the draft financial statements: (i) profit before tax (ii) current liabilities the with the (ii) total assets (iv) non-current liabilities CIPFA)