Question 1 On January 1, 2018, Gramuda Bhd signed a 6-year contract with Azam Bhd for a specialised machine. The machine has a 10-year useful life. At the end of the contract, Gramuda Bhd will purchase the specialised machine at the price that is lower the market value. According to the contract, Gramuda Bhd has the ability to determine how the machine will be used to produce the product. Azam Bhd does not have the control toward the specialised machine. Azam Bhd was not permitted to use the machine for the purpose of selling it to other customers. The contract's present value of the minimum lease payment was RM3,920,000. Every year on December 31st, Gramuda Bhd would pay RM900,000 for the specialised machine. The effective interest rate on this contract was estimated to be 10%. Required: a. Analyse whether the contract above contains a lease. (5 marks) b. Prepare the followings for GramudaBhd assuming that the contract contains a lease: i. the journal entries for the year ended 31 December 2018 ii. an extract of Statement of Financial Position as at 31 December 2019. Note to the account is not required