QUESTION SEVEN (10 Marks) James Ltd decides to lease some machinery from Moon Ltd on the following terms: . . Date of entering lease: 1 July 2020. Duration of lease: 10 years. Life of leased asset: 10 years. Unguaranteed residual value: $15 000. Lease payments: $10 000 at lease inception, $12 000 on 30 June each year for the next 10 years. Fair value of leased asset at date of lease inception: $97 469. . . REQUIRED A. Using an interest rate of 7%, calculate the discounted value of the leased asset. (Show your calculation) (6 Marks) [Type Answer Here! B. Is the 8% rate the implicit rate? Why? (4 Marks) [Type Answer Here] 8 of 9 1286 words Focus