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Question 1 (20 marks) Angela Sdn Bhd enters into a 5-year lease beginning on Jan 2, 2023. Annual payments are $33,000, made at the end

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Question 1 (20 marks) Angela Sdn Bhd enters into a 5-year lease beginning on Jan 2, 2023. Annual payments are $33,000, made at the end of each year for a total of RM165,000 over the lease term. The rate implicit in the lease is 11%. Assuming this is a Financing Lease. a. Compute the initial lease Liability and Right-of-use asset balance assuming there are no initial costs. (5 Marks) b. Prepare lease Liability and Right-of-use Asset Schedules (10 Marks) c. Prepare the Journal Entries to Record financing Lease (5 Marks) (show all workings)

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