Question 2 Mr Li purchased a flat in Hong Kong and let it to Terence for a lease under the following terms - Lease period 2 years (from 1 April 2019 31 March 2021) - A monthly rent of $40,000 per month -Rates. $8.000 per year and payable by the tenant Terence did not pay rent from January 2020 and explained that he encountered temporary cash flow problems and would pay Mr Li later. He occupied the flat until 31 July 2020, On 1 August 2020. the Assessor was satisfied that the outstanding rents for the months of January to July 2020 were irrecoverable Required: Prepare the property tax assessments (both original and revised, if applicable) for Mr Li for the years of assessment 19/20 and 20/21 (ignore provisional tax). Marks Question 2 Mr Li purchased a flat in Hong Kong and let it to Terence for a lease under the following terms - Lease period 2 years (from 1 April 2019 31 March 2021) - A monthly rent of $40,000 per month -Rates. $8.000 per year and payable by the tenant Terence did not pay rent from January 2020 and explained that he encountered temporary cash flow problems and would pay Mr Li later. He occupied the flat until 31 July 2020, On 1 August 2020. the Assessor was satisfied that the outstanding rents for the months of January to July 2020 were irrecoverable Required: Prepare the property tax assessments (both original and revised, if applicable) for Mr Li for the years of assessment 19/20 and 20/21 (ignore provisional tax). Marks