Part A On 1 April 2021, JKL Corporation Ltd (JKL) began to lease a machine. The lease term was for five years. The lease does not transfer ownership of the machine to JKL at the end of the lease term. Other relevant information as follows: i. The estimated useful life of the machine at 1 April 2021 was 20 years. ii. iii. iv. Rentals payable by JKL for the use of the machine were $2 million per annum, payable annually at the end of year (i.e. in arrear). The rate of interest implicit in this lease is 7% per annum for the lessor, this rate is known by lessee. The present value of $1 payable for five years annually in arrears (ordinary annuity) at a discount rate of 7% is $4.10. Required: In relation to the lease of machine in the books of JKL, 1. Prepare the journal entries to record the relevant transactions till 31 March 2022 (8 marks) 2. Prepare the extract of the statement of financial position of JKL Corporation Ltd at 31 March 2022. (4 marks)