ABC plc reached an agreement to lease an item of transportation equipment to be used in it's operations for 3 years, from 1st January 2020 with annual payments of 25,000 payable in arrears, the first payment due on 31st December 2020. ABC plc cannot substitute the equipment, has sole use of the asset for the duration of the contract and operates the equipment. The appropriate discount rate is 9%. Assume straight line depreciation with no residual value. In income statement as at 31/12/2020 , derpreciation charge of DR Answer 1 Question 8 and finance charge of DR Answer 2 Question 8 will be recorded. The Balance sheet will record a current liability of CR Answer 3 Question 8 and longterm liability of CRAnswer 4 Question 8