payment to the lessor for the Insurance and maintenance of the equipment. The equipment is to be depreciated on a straightline basis. REQUIRED [alDetermine the rate of interest implicit in the lease and calculate the present value of the lease payments. [blPrepare the journal entries in the books of Burt Ltd for the years ending 30 June 2020 and 30 June 2021. {c}Prepare the portion of the statement of nancial position for the year ending 30 June 2021 relating to the lease asset and lease liability