SECTION B (40 Marks) Answer any 10 On January, 2015, Bronx co. entered into a new lease agreement as follow This lease relates to a new piece machinery. The fair value of the machine is $220,000. The useful life of the machine is 5 years. The agreement requires 5 equal annual installments of $55,000 starting on 31 December 2016. The implicit interest is 11.65% a) What is the finance cost charged to profit or loss for the year ended 31 December 2016? b) How will the finance lease obligation be shown in the statement of financial position as at 31 December 2017? Show all workings (10 marks)