Question 15 On 1 July, 2021 Moshman Ltd entered into a four-year lease of a large item of mining equipment from Lessor Ltd. The mining equipment has a useful life of 8 years. The terms of the lease agreement are as follows. A payment of $100,000 is required on 1 July, 2020. Four subsequent payments of $220,000 are due starting on 30 June 2021. Moshman Ltd has no intention to extend the lease. Moshman Ltd has agreed to guarantee a residual value of $120,000. The interest rate implicit in the lease is 4 per cent. Required: Please fill in the blanks. The format of your answer MUST be as follows: $1,000,000. 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. What is the present value of the lease payments calculated in accordance with AASB 16 Leases? Please fill your answer in the blank. What would be the reduction in the lease liability recognised by Moshman at 30 June 2022? Please fill your answer in the blank. What would be the depreciation expense for the Right-to-use assets recognised by Moshman at 30 June 2022? Please fill your answer in the blank