Orion leased a computer to the Lenox Silver Company on 1 April 20X5. The terms of the lease are as follows: Required: 1. Using IFRS, classify the lease from the perspective of the lessee, provide support for your conclusion. 2. Provide entries for the lease from 1 April 20X5 through 31 December 206. 3. Show how the leased asset and the lease obligation will be shown on the lessee's balance sheet at 31 December 20X6. The rate implicit in the lease is 13.29% 4. Suppose that at the end of the lease, the lessor tells the lessee to dispose of the asset, and to keep any proceeds in excess of the guaranteed residual value. Provide entries for the lessee on 1 April 20X8, assuming that the lessee sells the asset for $1,200 and remits the required $1,000 payment to the lessor. 5. Discuss why IFRS lease accounting rules were developed and reach a supported conclusion on whether you think the standards should change