The Finance Director of Thamaga Limited, is considering replacing the machinery in its manufacturing plants. He has tasked you to consider the effects of leasing the machinery from Tonota Limited under the following terms. Inception of lease: 1 June 2020 Term: Five years at P20,000 per annum payable in advance Initial measurement of lease liability: P60,750 Useful life: Eight years Interest rate implicit in the lease: 12% Required Calculate the interest charge in the statement of profit or loss and the lease liability in the statement of financial position for the year ended 31 May 2021