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Question1: XYZ Inc. gave on lease a crane to Alexander Contractors under a 4-year non- cancellable agreement which started from 1 January 2023. Annual payment for the same was $ 35,000 first payment from 1 January 2023. XYZ took responsibility of bearing insurance, maintenance and taxes on this crane. Estimated life of asset is 10 years and cost of $ 250,000. Expected fair value of asset at the end of lease term of 4 years is $ 55,000. There was no purchase or bargain or renewal option in the agreement. Both the companies closed their books of accounts every year at 31st December. 1. As per the given data, what type of lease is this? Had it been other type of lease, what should have been difference in the given data? 2. Pass Journal Entries in the books of both the parties in the year 2023 taking insurance at $ 650, taxes 2,500, maintenance as $ 680. Depreciation is to be taken as per Straight Line Method taking salvage value as $ 18,000. 3. What will be the treatment of these entries in the Income Statement and Financial Statements of both the parties at the end of 2023 in the light of IFRS 16.