On 1 January 2020 Click acquired an asset at its fair value and immediately leased it out to Network for 4 years under the following lease terms: Annual payment $40000 at the beginning of lease contract Residual value of asset as guaranteed by the lessee $15000 Fair value of the asset $151958 Interest rate implicit in the lease 10% Direct cost incurred by the lessor at the start of the lease $1000 Clicks policy for similar items of property, plant and equipment is to depreciate them at 40% per annum on a declining balance method. Requirements: a) What type of lease is this to Network? Why? [2] b) Calculate present value of the minimum lease payment for Network. [2] c) Prepare necessary journal entries on the books of Network on January 1, 2020 [2] d) Prepare necessary adjusting entries to record interest expense on 31 December, 2020 [1] e) Prepare necessary adjusting entries to record depreciation expense on the books of Network on 31 December 2020 [1] f) Prepare a lease amortization schedule [2]