GIRAFE Ltd have leased a new van from Hyundai at Robina at a cost of $55,000 on the 1 July 2021. This new van will be used to move inventory from the various warehouses on the Gold Coast. The lease payments required by GIRAFE Ltd to pay each year are $20,500. Additional costs incurred by GIRAFE Ltd to get the van up and running for GIRAFE Ltd to use included the GIRAFE Ltd logo on the side panels and back of the van as well as install a solar system including solar panels, deep cell battery and solar regulator. The cost incurred was $9,500. The implicit interest rate on the lease is 9%. GIRAFE plans on keeping the van at the end of the lease term of 5 years, this has not been agreed upon as yet with Hyundai Robina. Hyundai Robina believes that the useful life of the leased asset to be 8 years. (Ensure that you show all your workings and appropriate referencing when required). a) Record the relevant journal entries for GIRAFE Ltd for the 2022 financial year. b) What is the closing lease liability as at 30 June 2022? c) If Hyundai Robina has the right to enforce GIRAFE to acquire a new van at any point within the 5 years contract, by demonstrating that any alterations (e.g. solar system) made by GIRAFE are not reversible or changed the original characteristics and purposes of use of the van, would GIRAFE be able to record the vans as a lease asset? Support your discussion applying the appropriate accounting standards.