REQUIRED 1. Identify the liability from the information for each part. 2. Discuss how the liability must be recognised and measured. 3. Provide the journal entries for each part for the year ended 30 April 2023. Please note: Ignore any VAT or income tax implications. Journal narrations are not required. Round all amounts to the nearest Rand. Show all the necessary calculations as part of your answer 4. Present and disclose the liability as identified in each part in the financial statements for the year ended 30 April 2023. PART A Khoza Bazaar Ltd (KB) needed to acquire two new delivery vehicles for making deliveries. They decided to enter into the following 5-year contract with Lee Ltd on 1 May 2022: KB will pay a once off fee on 1 May 2022 to the attorneys of R30 000 cash for drafting and concluding the contract; KB will pay R200 000 per vehicle on 30 April every year as consideration for the right to use the delivery vehicles. The implicit interest rate in the contract is 17,283% compounded annually; At the end of the 5-year period, KB is required to pay Lee Ltd an additional, final amount of R125 000 per vehicle and ownership of the delivery vehicles will not transfer to KB; The contract provides KB with two distinct vehicles that are clearly identified in the contract (registration numbers included). The contract further specifically states the maximum quantity of the goods that can be transported in each delivery vehicle. KB can use the vehicles at their discretion and the vehicles will be kept at their warehouse. Lee Ltd can only replace the vehicles if it is deemed necessary by KB. Lee Ltd is also responsible for the maintenance of the two delivery vehicles. KB depreciates delivery vehicles using the straight-line method of depreciation, and estimates the useful life for all delivery vehicles to be 7 years