Titan Ltd (Titan) leased a construction crane to Venus Ltd (Venus) on 1 January 2019. The following information relates to the leased asset and the lease agreement: o It is a non-cancellable agreement o An initial payment of $31,200 will be payable by Venus straight away o Seven further annual payments of $31,200 by Venus will be due, beginning on 31 December 2019 O Titan expects the crane will worth $18,000 at the end of the lease period o Venus is committed to guarantee the residual value of the crane on 31 December 2025 at $10,000 and Venus expects the crane will have a value of $8,000 at 31 December 2025. o The economic life of the crane is 10 years. o Cost of crane to lessor is $100,000 and Titan's normal selling price at fair value is 186,792 o The incremental borrowing rate used by the lessee is 12% o The interest rate implicit in the lease is 11% (not known by the lessee) o Both Titan and Venus adopts HKFRS 16 'Leases' in accounting for this lease agreement. PVF-OA7, 11% PVF-OA7,12% PVF7,11% PVF7, 12% 4.71 4.56 0.48 0.45 Required: What is the revenue to be recognised at 1 January 2019 and balance of lease receivable in terms of its non-current and current portions recorded in Titan's financial statements at 31 December 2020? Titan classifies the lease as a finance lease and is a manufacturer/dealer lessor