Ritz Ltd enters into a 5-year non-cancellable agreement to lease equipment starting on 1/1/2020. The following are the provisions of the lease agreement: The fair value of the machinery is $227,122 at 1 January 2020. The lease term is for 5 years. The annual lease payments are made in advance with $50,000 due immediately and annual payments of $50,000 on 31 December 2020, 2021, 2022 and 2023. The contract specifies a bargain purchase option of $30,000 at the end of the lease term on 31 December 2024. The interest rate implicit in the lease is 10%. The asset's residual value at the end of its 6-year effective useful life is nil. Use the Present value tables provided in the attached link. AYB200 2021 S3 PV Tables.pdf Required: i. Prove that the interest rate implicit in the lease is: 10%. Show all workings. (3.5 marks) ii. Prepare a schedule of the lease payments to be made by the lessee for the duration of the lease. (2 marks) iii. Journalize all the transactions from the date of inception up until 31 December 2020. (4.5 marks)