as at 1 July 2022, Winki company enters into a 10 year lease contract for building. Lease payments are $400,000 per year, starting on 30June 2023 and there is no purchase option or residual value guaranteed. Winki pays $5000 to enter the lease contract (direct cost). The implicit interest rate is 15 per cent.

required:

1. determine the initial measurement of the lease liability (please give me more detailed about calculation)

2. determine the initial measurement of right-of-use asset cost

3. provide the accounting journal entries for the year ended 30 June 2023