LEASES IFRS16 Drip Sneakers Ltd ('Drip') manufactures a certain type of sneakers for a chain of retailers. They have entered into a lease agreement with Growth Point Ltd to lease new buildings to distribute its products effectively and efficiently to its stores across the Gauteng province. The lease agreement is a monthly non -cancellable agreement for a period of eight years starting from 1 March 2022. Drip has guaranteed Growth Point Ltd that they will receive a residual value of at least R680 000 for the building at the end of the lease term. On the 1 March 2022, expects that it will it have make a payment of R20 000 under the residual value guarantee. Growth Point Ltd determined on the 1 March 2022 that it will be able to sell the building for R750 000 at the end of the lease term. Drip has a reporting period ending 28 February. Further details of this agreement are as follows: Drip will have full directional and operational mandate over the use of this equipment. The only restriction in the use of this building is that the company is prohibited to enter or use this building in areas where there are unstable political conditions. 1. The buildings in the books of Growth Point Ltd has an economic useful life of 20 years and a fair value of R2 3000 600. The lease installments are payable in arrears and are fixed at monthly installments of R48 120. Direct costs incurred by Drip to obtain this lease and paid by cash amounted to R7 667.72. 2. Accounting policies life. Buildings are accounted for on the cost model. Depreciation is provided for on the straight-line method over the assets useful The company elected to early-adopt IFRS 16 Leases effective from 1 January 2019. Required from you to: Prepare the amortisation table up until 30 April 2022