Question 3 (20 marks) Leasee Bhd entered into a contract with Lessor Bhd to lease an asset for a period of 5 year. The leased asset will be transferred to ABC Bhd at RM113,724 on 1 January 2020 and this is the fair value of the asset. The first rental payment of RM30,000 was made on 31 December 2020 and the rest of the annual rental payment is also RM30,000 and it is paid on the last day of the year. There is no purchase option at the end of the lease term and the leased asset will be returned to Lessor Bhd. The leased asset has an estimated economic life of 8 years and the implicit rate of interest in the lease is 10%. Based on the leased contract, there is no residual value of the leased asset at the end of the economic life. In addition, Leasee Bhd incurred legal fee of RM10,000 to secure the leased contract and the company also incurred annual maintenance to service the leased asset during the leased period is RM15,000. In addition, easee Bhd incurred renovation cost of 80.000 to factory in der to accommodate the installation of the leased asset. The renovation cost is capitalised and it is depreciated it over a period of 10 years using the straight -line method. There is no scrap value at the end of the useful life. The present value of an annuity of RM1 per period is as follows: Period 1 2 3 4 5 10% 0.9091 1.7355 2.4869 3.1699 3.7908 Required: In connection with the above lease transaction, prepare the relevant extracts for following statements of ABC Bhd for the year ended 31 December 2019: (i) The statement of profit and loss. (ii) The statement of financial position. Note: You are required to show all the workings. (10 marks) (10 marks)