On 1 January 2019 Tesco signed a four-year lease agreement for a photocopier which would be classified as a low value asset under IFRS 16. Under the agreement there are three payments as follows, with no payment in the first year.

Year end	Payment
31 December 2019	0
31 December 2020	1,000
31 December 2021	3,000
31 December 2022	4,000

The photocopier is expected to have a useful economic life of ten years.

1. Calculate and prepare the relevant figures and disclosures (in accordance with IFRS 16) that should be recorded in the Statement of Profit or Loss and Statement of Financial Position (both asset and liability disclosures) for the TWO years ended 31 December 2019 and 31 December 2020 for both leases;

Lease 1

Lease 2