half yearly payments of £74,000 in advance   -Note the Interest rate inherent in the lease is 3% per half year -The present value of the lease payments is £650,000.                  - The useful economic life of the machine is 10 years.                                                      - Jackson paid a separate company Malenfant Installation £50,000 to deliver and install the machine.                                                                   Required                                                                                                                                               Show the entries in Jackson Limited's Statement of profit or loss and other comprehensive income and Statement of Financial Position at 31 December 2021 and 31 December 2022.

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.