QUESTION 1 Master's Ltd entered into a 4-year lease agreement on 30th April 2019 the fair value of the asset was $380,000. The lease terms involved Master's Ltd making a payment on 30th April 2019 of $130,000 followed by three annual payments on 30th April each year of $100,000. The asset has an estimated life of 5 years and a rate implicit in the lease of 10%. What amount will be charged to the Statement of Profit and Loss in respect of the asset in the year to December 31, 2019 (to the nearest $000). Show all workings. (8 marks)