Question 1 Part A Lessor Lessor Ltd has requested your help in preparing their financial statements as they are unsure of the requirements of NZ IFRS 16 Leases. The finance lease details ommencement date ease tenm Fixed payments 100 000 per annum at year Residual value RVG) expectation of the FV (portion) of asset at the end of the lease IDC incurred by lessor Un nterest rate implicit in the lease residual value (UGRV) conomic life of asset tion method used by lessor ine The relevant t value discount factors are: value of $ l in n penods value of an a 7921 3.4651 "-4-656 Required: (i) Lessor Ltd has requested you to prepare financial statements, over the lease period, to reflect the effects of the finance lease. Lessor Ltd classifies interest income as a cash flow from operating activities. (ii) Assume the above lease had been classified as an operating lease by Lessor Ltd. Prepare financial statements to enable the lessor to appreciate the effects of the operating lease on the entity for the year ended 31 March 2022 only Show all workingS. The fair value of the asset being leased, at the commencement date, is $647 508. Treat the RVG dollar amount of $80 000 as an extra final payment at the end of the lease. Do not include the UGRV in the calculation of depreciation. QUESTION 1 Part A Lessor essor Ltd Statement of Financial Position as at 31 March: (1) If clasified as a Finance leave (i) If classified Operating Lease 2019 2021 urrent assets: Non-current assets: sor Ltd Statement of Comprehensive Income for the year ended 31 March: 2019 2020 2021 2022 2022 P or L. section: CI section: Lessor Ltd Statement of Cash Flows for the year ended 31 March 2019 2021 2022 FOA: CFIA