Z entered into a lease agreement on 1 November 20X2. The lease was for five years, the present value of the lease payments was $45,000 and the interest rate implicit in the lease was 7%. The annual payment was $10,975 in arrears (at the end of each year). Show your workings.

-What is the amount to be shown within liabilities at 31 October 20X3?

-What is the amount to be shown as cash outflow from financing activities for the 12 months ended 31 October 20X3? Show your workings.