Please calculate:

1. present value of the lease payment

2. "Right of use" asset

3. lease liability

** please calculate interest on a montly basis.

** the amount of lease liability and "right of use" asset should be the same.

She requests that you put through the appropriate journal entries to record the "right- of-use asset" and corresponding lease liability at 30 June 2021 and to also adjust the figures in the Profit and Loss Statement. The following information is relevant for you to calculate the "right-of-use" asset and lease liability as per AASB 16 Leases: . First monthly lease payment (made in advance) 1 August 2020 . Monthly lease payments for first 12 months (GST-exclusive) Monthly lease payments for second 12 months (GST-exclusive) * Monthly lease payments for third 12 months (GST-exclusive) ** Total undiscounted lease payments over 3-year period Period of the lease (3 years) $4,000.00 A $4,100.00 $4,202.50 $147,630 36 months Depreciation method straight-line 2.5% . Rent increase to take effect on 1 August each year . Annual discount rate to be used for the 36 monthly lease payments 4.50% calculated at $4,000 x 2.5% increase (for the period 1 August 2021 to 31 July 2022) ** calculated at $4,100 x 2.5% increase (for the period 1 August 2022 to 31 July 2023) Students will need to calculate the present value of the lease payments to determine the lease liability and then this will be the same amount as the "right-of-use" asset to be recorded in the Balance Sheet. As noted above, the first monthly lease payment of $4,000 made on 1 August 2020 was made in advance. Hence, there was no interest in respect of the first lease payment. Note: There are 334 days from 1 August 2020 to 30 June 2021