QUESTION FOUR i. Analyze the circumstances under which impairment losses arise and demonstrate the circumstances that may indicate that a company's assets may have become impaired as per the provisions of IAS 36 - Impairment of Assets. (20 marks) ii. On 1st August 2018, Collins Ltd entered into an agreement to acquire a motor vehicle. The terms of the agreement were that the vehicle would be leased for 5 years from the date of inception, subject to a deposit of GH19,972 and 5 annual payments of GH6,500 in advance, commencing on 1st August 2018. The fair value of the vehicle and the present value of the lease payments were GH48,000 at inception. The interest rate implicit in the lease is 8%. Required: In accordance with IFRS 16: Leases, show with appropriate calculations, the accounting entries required to record the transaction above in the financial statements for the year ended 314 July 2019. (15 marks)