1. Lambert Ltd. Lambert Ltd acquired plant under a five-year non- cancellable lease for a period of five years from 1 January 20X5 at a rental of $52,000 per annum payable in advance. Depreciation is provided at the rate of 20% per annum, assuming no residual value. The present value of the total lease payments is $200.000. Finance charges are at the constant rate 15.15% per annum on the balance of obligation outstanding. Required 1. Calculate the balance of obligation outstanding and the finance charge for each year of the lease in accordance with IFRS 16: Leases. 2. Show how the lessee company would account for and disclose this transaction in the final accounts for the year 20X7.