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View Policies Show Attempt History Nash Inc, entered into a five-year lease of equipment from Matusek Incon July 1, 2021. The equipment has an estimated economic life of eight years and fair value of $ 230,000. The present value of the lease payments amounts to $ 198,358. The lease does not have a bargain purchase option and ownership does not transfer to Nash at the end of the lease. Data from the WileyPlus Assignment Question 3 Date of the lease july 1, 2021 Fair value of equipment 230,000.00 Present value of lease payments $ 198,358.00 Term of the lease (in years) Interest rate (not provided) 8.00% Calculate the amount of the lease payments for each of the 5 years assuming the company uses a rate of 8% and lease payments are du For purposes of this calculation enter o for the FV otherwise your lease schedule in part b will not work out. (2 marks] $19,680.04 Prepare a lease schedule for this lease arrangement using the lease payments calculated in a above. 14 marks) Lease Obligation Obligation after Date Lease Payment Interest Reduction payment Prepare all the journal entries to record the lease obligation and first payment on July 1, 2021 (4 marks) using IFRS rules. Account Name Debit Credit Date Prepare the required journal entries at June 30, 2021 (the company's year end) and the July 1, 2022 lease payment using IFRS rules. (Assume straightline depreciation on the equipment under lease) (7 marks) Date Account Name Debit Credit Discuss how the company would account for this lease if the company followed ASPE Explain your answer using the rules discussed in our lectures (maks)

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