Q. 2 A company purchases an item, on 1 April 2014, to be paid for over a period of 3 years as follows: On 31 March 2015 On 31 March 2016 On 31 March 2017 Rs. 50,000 Rs. 65,000 Rs. 71,700 Assume that the present value of these payments (using a discount rate of 10%) amounts to 100,000. All the recognition criteria are met. The company's year-end is 31 December. Required: Show the related journal entries for the year ended 31 December 2015 to 2017.