Q14 The Tower Inc. (as lessor) leased a building under a 15 year operating lease with annual payments of $15,000 payable in arrears. The cost of the building is $400,000 and useful life is estimated to be 50 years. As an incentive to sign the agreement, lease payments were reduced to $12,000 for the first three years. What amounts will be recognised by The Tower Inc. at the end of the first year of the lease in the Statement of Financial Position and the Statement of Profit or loss and Other Comprehensive Income? Select and drag the correct answers from the suggestions below into the blanks and then select Submit. At the end of Year 1 Statement of Financial Position Dr Cash Dr B $12,000 Deferred Income from lease $13.500 Trade receivables $15.000 Financial assets Cr Accumulated depreciation $8,000. Statement of Profit or Loss and Other Comprehensive Income $1,500 $12,000 Dr Depreciation-$8,000 $2.000 $14,400 D Cr Income $2,400 $17,000 Submit