Define a Lease and what $3$ aspects need to be considered before a contract can be considered to be a lease.  

 

QUESTION $2$

Provide a journal of the lease expense for the period ended $31$ December $2022.$

The lease commenced on $1$ May $2020$ and $31$ December is the year end.

The lease payment is R$1200$ per month for the first year and R$1450$ per month for the second yea.

QUESTION $3$

State which properties are not classified as Investment Property.