Question 3 Part 1 (25 marks Dubai Company, as lessee, enters into a lease agreement on July 1, 2014, for equipment. The following data are relevant to the lease agreement: 1. The term of the non-cancelable lease is 4 years, with no renewal option. Payments of AED782,757 are due on beginning of July 1 each year. 2. The fair value of the equipment on July 1, 2014 is AED2,800,000. The equipment has an economic life of 6 years with no salvage value 3. Dubai depreciates similar machinery it owns on the straight line basis. 4. The lessee pays all executory costs. 5, Dubai's incremental borrowing rate is 10% per year. The lessor's implicit rate is not known by Dubai company. Instructions (a) Calculate the present value of the minimum lease payments. Show your calculations clearly (4 marks) (b) Prepare the amortization table until July 1, 2015 only. Clearly show the computation of the PV of the minimum lease payments (6 marks) (c) Prepare the journal entries on the lessee's book to reflect the signing of th payments and expenses related to the lease in 2014 and 2015 (15 marks)