On 1 January 2021 Jackson Limited signed a lease for a machine on the following terms:

- Ten half yearly payments of 74,000 in advance

-Note the Interest rate inherent in the lease is 3% per half year

-The present value of the lease payments is 650,000.

- The useful economic life of the machine is 10 years.

- Jackson paid a separate company Malenfant Installation 50,000 to deliver and install the machine.

Required

Show the entries in Jackson Limited's Statement of profit or loss and other comprehensive income and Statement of Financial Position at 31 December 2021 and

31 December 2022.