Question 2 (40 marks) On January 1, Year 1, Brussel Corp. enters into a 10-year, noncancellable contract to lease equipment from Sprout Ltd. The equipment has an estimated useful life of 12 years and a fair value of $140,000. The interest rate on the lease is 9%. Brussel Corp. uses the straight-line method to depreciate assets. Both companies use IFRS. The lease contains the following provisions: Semiannual lease payments of $9,773.46 plus $400 semi-annually for insurance, payable on January 1 and July 1 of each year beginning on January 1 , Year 1. A guarantee by Brussel Corp. that Sprout Ltd. will realize $10,000 from selling the asset at the expiration of the lease. Required Complete the following with the details provided above. A.Calculate the present value of the minimum lease payments over the life of the lease. Round to the nearest dollar. B.What kind of lease is this to Brussel Corp.? Why? C.Provide a lease amortization schedule for the full lease. You should prepare your schedule using Excel and copy it into your Word document. The lease amortization schedule provides you an opportunity to check that your present value calculation is correct. D.Prepare all necessary journal entries for Brussel Corp., the lessee, for the period January 1, Year 1 to July 1, Year 2. Round these amounts to the nearest dollar