Question 2 Here are the terms of a lease agreement: 10 years Fair value of leased asset 250,000 Lease term Payment frequency Annual Payment timing Beginning of year Guaranteed residual value Interest rate implicit in lease (not 9% readily determinable by the lessee) Lessee's incremental borrowing rate 10% 0 Required: a. Determine the amount of lease payment that the lessor would require to lease the asset to an outside party. (2 marks) I= b. Prepare the journal entry to record the right of use asset and lease liability from the perspective of the lessee