Duration of programme: XX m X Duration of programme: XX mx x Mail Sultan Mohamed Ahmed X M (no sub /courses/ 35546_1/cl/outline Remaining Time: 46 minutes, 09 seconds. Question Completion Status: QUESTION 9 In respect to the fifteen motorbikes leased to Xander Plc over three years: Xander Plc. must pay additional charges for maintenance and repairs of the motorbikes. At the end of the lease term, Xander Plc have an option to purchase the motorbikes for 100. The expected residual value of the motorbikes in three years is between 500,000 and 600,000. Xander Plc can terminate the contract at any time in the three year lease term but will suffer significant penalties for early termination. The motorbikes are all sourced from JJ Victory's product range but there are some specific modifications to the bodywork which are exclusive to the bikes transferred in this lease contract with Xander Plc. Xander Plc. is responsible for and must pay additional charges for maintenance and repairs of the motorbikes. The cost to manufacture all fifteen motorbikes was 1.1 million The terms of JJ Victory's contract to lease of fifteen motorbikes to Xander Plc include Initial payment of 100,000. This was received on 1 October 2020. Lease instalments of 624,250 are receivable in arrears. The first instalment of 624,250 has been received at the year-end. (30 September 2021). The lease includes an interest at 5% and the present value of total payments (including the deposit paid) is 1.8 million. Question: What are the correct amounts which would be recognised in the financial statements of JJ Victory for the year ended 30 September 2021 in respect to this lease contract under IFRS? a. Statement of profit or loss Total net income: 700,000 Statement of financial position Lease receivable: 1,160,750 Click Save and Submit to save and submit. Click Save All Answers to save all answers. D F3 54 BOO FA R F 95 % J. T G 6 7 Y 6. & 87 94 F7 7 U * 8 HT 7 FB - D 9 E 4 K F9 O Save .J