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QUESTION 1: ACCOUNTING FOR LEASES (TOTAL: 10 MARKS) Mickey's Garage entered into a non-cancellable, five-year lease agreement on 1 April 2020 for an item of machinery. The machinery is expected to have an economic life of seven years, after which it will have no salvage or residual value and ownership is transferred at the end of the lease. Mickey's Garage is to make five annual payments of $100,000 (to be made at the end of the year). The rate of interest implicit in the lease is 10%. The fair value of the leased asset is $379,079 Mickey's Garage also spend $10,000 on installation costs for this piece of machinery. Assume a 31 March year-end. 1. Fill-in the below table. Lease Liability Cash Payment Principal Lease Liability Year Open Interest Expense Component Close 2 Type in any workings or justifications to your lease table here 2. Following from above, record any and all journal entries relating to the lease that took place anytime in the first year (i.e. for the year ending 31 March 2021). This includes the initiation of the lease, any payments made, interest, and depreciation. Round to the nearest whole dollar (5 marks) Account Debit Credit Type in any workings or justifications to the journal entries here 3. Following from above, show extracts of the financial position for the leased asset (also known as the right-of-use asset) and lease liability as at the end of the first year of the lease (i.e. for the year ending 31 March 2021). You answer should make it clear where in the balance sheet each component would go. (2 marks)| Statement of Financial Position for Mickey's Garage as 31 March 2021