Question Three (25 marks) Thabang Incorporated (Pty) Ltd entered a two-year lease contact for a machine to increase their production since the company did not have sufficient funds to acquire the machine in cash. The contact has an option to extend the lease term for a further year. The company believes that it is reasonably certain to exercise this option. The following details relate to the machine lease agreement: Date of commencement of agreement - 1 July 2020. Present value of lease payments - P180 000 Payments of P43 500 are payable bi-annually in arrears. The machine was available for use and put into use on 1 July 2020. Depreciation is written off at 20% per annum on cost. The company's financial year ends on 30 June. Required: a) Calculate the nominal interest rate per year. (4 marks) b) Prepare an amortisation table/lease liability table. (12 marks) c) What figures will be shown in the financial statements for the year ended 31 June 2021 (9 marks) [25 marks]