Waterway Inc. leased a new crane to Concord Construction Inc, under a six-year, non-cancellable contract starting February 1.2020. The lease terms require payments of $21,400 each February 1, starting February 1,2020. Waterway will pay insurance and repair and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $160,000, and a cost to Waterway of $160,000. The crane's estimated fair value is $50,000 at the end of the lease term. No bargain purchase or renewal options are included in the contract. Both Waterway and Concord have calendar year ends and use IFRS 16. Collectibility of the lease payments is reasonably certain and there are no uncertainties about unreimbur sable lessor costs. Concord's incremental borrowing rate is 8% and Waterway' implicit interest rate of 7% is known to Concord. Identify what will be presented on the statement of financial position and statement of income of both the lence and the kiss at December 31, 2020 (Round ancwers to 0 decimat places, es 3.5,275. )