Question 8 15 marks Farm Ltd leases some parcels of land from their owner for a period of 10 years at a time. The lease agreement can be cancelled, but a significant penalty will be incurred by Farm Ltd. The lease payments required include a payment up-front of $300 000, followed by another 9 payments of equal value at the end of every year up to the end of the ninth year. The implicit rate in the lease is 10%. PV of 9 payments at 10% is 5.7590. The first lease payment commenced on 1.7.21 Required: (a) Calculate the present value of the lease payments at the inception of the lease. (6) Prepare journal entries for the years 30.06.21 and 30.6.22. (c) What is the amount of the lease liability at 30.06.23