Question 1 (15 Marks) Part A (7 Marks) On 1 July 2021, Beta Ltd entered into a lease agreement to lease a machine. The lease gave Beta Ltd the sole right to use of the machine and receive all the economic benefits arising from its use. The lease was for a five-year term with annual rentals of $200,000. However, Beta Ltd made an initial payment of $200,000 to the lessor on 1 July 2021 and remaining rentals are to be paid on 30th of June annually. The total estimated useful life of the machine on 1 July 2021 was ten years. There are no terms in the lease agreement that allow the lease to be extended beyond the five-year term. The annual rate of interest implicit in the lease is 8%. Required: a) Calculate the lease liability amount in the book of Beta on 1st July 2021. (1 Mark) b) Prepare the lease payment schedule from 1st July 2021 to 30th June 2022. (2 Marks) c) Prepare the journal entries in relation to the lease for the year ending 30 Jun 2022. (4 Marks) Note: Show all the working