Question 2 An asset which could be purchased outright for 383,720 is instead leased by Lessee Ltd for three years at the end of which the asset will have no residual value. The lease provides for half-yearly payments in advance of 72,000, the first payment being made on 1 January 2018. The asset is to be depreciated using the straight line method. Required: (a) Show how the asset will be accounted for in the financial statements for the year ended 2018 under IAS 17 if: (i) Lessee Ltd is responsible for all maintenance and insurance costs; (ii) Lessee Ltd is not responsible for the maintenance and insurance costs