Remaining Time: 3 hours, 06 minutes, 47 seconds. Question Completion Status: A Click Submit to complete this assessment. Question 5 Question 2. Marks: 10 WEDCAMERECORDI Question 5 of 5 10 points Save Answer Suggested time allocation: 18 Minutes (A) Modern Ltd has decided to lease a plant from a supplier and has agreed the following terms with the supplier: Date of inception of lease: 1 July 2019; Duration of lease: 10 years; Life of leased asset: 10 years; Unguaranteed residual value: $15,000; Lease payments: 10,000 at lease inception and $12,000 on 30 June each year for the next 10 years. Fair value of leased plant at date of lease inception: $97,469 Determine the interest rate implicit in the lease (show detailed workings). (5 Marks) (B) In AASB 16 (International- IFRS 16) for lessors, there are no significant changes as how to account for leases when compared to previous accounting standard for leases AASB 117 (International IAS 17). From the lessor point of view, briefly explain the factors to be considered in deciding whether a lease constitutes an operating lease or a finance leas e. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt (5 Marks) DELL E A V Ix Activate Windows Go to Settings to activate Window