QUESTION 14 On 1 July 2021, Bollie Ltd (lessee) entered into a contract with Kasch Ltd (lessor) to lease an item of equipment held in the inventory of Kasch Ltd at a cost of $128,000. The equipment has a useful life of 8 years. The terms of the lease contract are as follows: Duration of lease is six years. Six annual payments of $30,000 commencing on 30 June 2022. Guaranteed residual value of $10,000. The interest rate implicit in the lease is 10%. The lease is non-cancellable. The fair value of the equipment is $179,853. Required: Please fill in the blanks. Any present value calculations MUST be done using the present value Tables 1 and 2 from the Issues textbook. (Scanned copies are available on Blackboard in learning resources for weeks 3 and 4). Round to whole numbers. Identify which of the following statements about the lease in the context of AASB 16 Leases is CORRECT by entering the letter of the incorrect statement. A. The lease is a manufacturer or dealer finance lease. B. Kasch Ltd would recognise a profit on the sale of the equipment equal to $8,301. C. D. The income recognised by Kasch Ltd in relation to the lease includes sales revenue at the time the lease commences and finance income over the lease term. All of the statements above are correct. The present value of the lease payments is equal to $ (please fill in the blank) What is the interest income recognised by Kasch Ltd on 30 June, 2022? Please fill in the blank $ (Type in your selected answer: A, B, C or D)