Figy Co entered into a 4-year lease agreement on 1 January 20X5. The agreement meets the definition of a lease in accordance with IFRS 16. An initial payment of $160,000 was made on 1 January 20X5 followed by three annual payments on 1 January of $150,000 each. The rate implicit in the lease is 10%. Figy Co incurred initial direct costs of X2 to set up the lease. Required: 1. Give your own X2 then calculate the cost of the right-of-use asset as at 1 January 205 ? 2. What is the carrying amount of the lease liability at 31 December 20X6 ? 3. What amount will be charged to the statement of profit or loss in respect of this asset for the year ended at 31 December 20X6 ? 4. Prepare necessary accounting entries related to this lease agreement for the year ended at 31 December 205