The elements of financial statements as per the AASB Framework are assets, liabilities, expenses, income and equity. Refer to the AASB Framework for the definitions and recognition criteria of the various elements. Clark Ltd needs to purchase new equipment to replace outdated equipment which is no longer useable. Clark Ltd is considering the following four scenarios: 1. Budgeted outlay of $100 000 to purchase new equipment. 2. A contract to purchase new equipment for $100 000, for which a 10% deposit has been paid. 3. Finance lease for equipment worth $100 000 through a 5 year lease arrangement. 4. Purchase of equipment worth $100 000 on credit. Assuming each of the above scenarios would be material, use the AASB Framework to justify if the items meet any of the definition of assets, liabilities, equity, income or expenses. Provide the reason(s) for your view with reference to the definition criteria for the elements of the financial statements