PART A GoMart Lee (GoMart) is a diversified utility, manufacturing and supermarket retailer company bated in Cape Town. You are furnished with the following information in respect of GoMarts annual financial statements for the year ended 31 December 20 GoMarts supermarket division, Save Supermarkets, has opened the countrys largest superstore In Durban and has arranged for GoBag Ltd (Golag) to supply their plastic bag requires for the superstore with affect bom 1 January 2010. The agreement is for a four-year period and the terms are as follows: - GoBag Ltd will set up a new bag-making machine in a warehouse located close to and dedicated to the Durban Superstore of GoMart. The bag-making machine will be owned and operated by Gobag. The contract stipulated the type and quality of bags to be supplied by Gobag to GoMart - GoBag Ltd has the right to use the machine for other bag orders but that is considered unlikely as it is designed and set up to produce bags that are unique to the Save Supermarkets superstore. - Save Supermarkets will purchase a minimum of 1 million bags per month. It is expected that normal demand will be in the region of 1.5 million bags per month with the maximum Output capacity of the tag-making machine being 1.6 million bags per month. - In terms of the contract GoBag operates and maintains the bag-making machine and makes the ultimate decision in terms of its operation, use, maintenance and possible modification for a change in use REQUIRED Discuss whether GoMart Ltds contract with Gollag Ltd is a lease items of IFRS 16 Leases