Question 3 Oshimbala Foods Ltd is a fast food company that operates many outlets across the country. The reporting period of Oshimbala Foods Ltd ends on 31 October. Oshimbala Foods Ltd is not registered as a VAT vendor. MATTER 1 On 1 November 2014 Oshimbala Foods Ltd purchased equipment with an invoice price of N$ 273 600 under a lease agreement. The lease payments will consist of equal annual instilments over a period of 4 years, payable in arrears. The interest rate applicable on this lease agreement is 8% per year. All payments due have been paid on time each year. The equipment is depreciated on the straight line basis over 5 years with no residual value. Required: Disclose the long term borrowings note applicable to the lease liability in the Statement of Financial Position of Oshimbala Foods Ltd on 31 October 2016 in accordance with International Financial Reporting Standards. (20 Marks) Note: Round disclosed amounts to the nearest Dollar