QUESTION 2 XX enters into a leasing agreement with TT on 1 January 2021 for an equipment costing RM 380,000. The lease agreements require payment of five equal installments of RM 100,000 payable inarrears (at the end of the year). The asset is expected to have a useful year of 5 years. At the end of the lease, the asset has no residual value and the lessor cannot lease this asset to others as it is a specialized asset. The implicit rate of the lease is 10%. Required: a) Determine whether the lease is finance or operating lease. (3 marks) b) Determine the initial amount to be recognized in the books of XX. (13 marks) c) Calculate the finance cost of the lease from 2021 to 2025. (10 marks) d) Calculate the amual depreciation. (2 marks) Show the Income statement and Statement of Financial Position extract for 2021 and 2022. (12 marks)