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Question #3. (4+6) A) Why leasing is also termed as substance-over form of (off-balance sheet) financing? B) Lashari Ltd prepares accounts to 31 March each year. On 1 April 20x9, the company acquired an asset by means of a finance lease. The fair value of the asset on this date was Rs.40,000 and the company was required to make six half-yearly lease payments of Rs.7,680 each. The first payment was payable on 1 April 2019. The rate of interest implicit in the lease was 6% per half-year. Required: Calculate the finance charge which should be recognized as an expense in the company's financial statements for each of the years to 31 March 2010, 2011 and 2012. using (a) the actuarial method (support calculations with amortization table) (b) Record the above transactions in the books of both lessor and lessee (only for first year of lease. (Note: company records depreciation expense on half-yearly basis)