Questions regarding IAS 17

I need some help for these 10 questions about IAS 17 Leases. These questions have one or more answers, would appreciate if anyone can help me on this.

1) Which of the following situations is the lease an operating lease?

i- The lessee records rentals payable as an expense
ii – The lessee records an asset, being the capitalised value of the rights in the asset, which is subject to depreciation, and a liability to make payments to the lessor
iii – The lessee allocates rentals paid between a capital element, which reduces the outstanding liability and interest expense on the liability
iv – The lessee does not record a physical asset
v – none of the above

2) The lessor does not record a physical asset, but rather a debtor for rentals receivables.

i- Operating lease
ii- Finance lease

3) The lessor allocates the rentals received between a capital element that reduces the debtor and interest income

i- Operating lease
ii- Finance lease

4) The lessor treats the asset as a depreciable asset, and presents the asset in the SOFP according to its nature

i- Operating lease
ii- Finance lease

5) A lessor agrees to a rent free period for the first three years of a 20 year lease as an incentive to the lessee for entering the lease. The lessee will pay the lessor a fixed rate of $5000 p.a for the Year 4 through to and including Year 20. What lease income should be recognised by the lessor in Year 1 and Year 10 of the lease?

i – Year 1: $0 ; Year 10: $5000
ii – Year 1: $5000 ; Year 10: $5000
iii – Year 1: $4250 ; Year 10: $4250
iv – Year 1: $4500 ; Year 10: $4500

6) A lessee will pay 5 payments of $120,000 annually in ADVANCE under a 5 yr lease. At the end of 5 years, ownership will transfer to the lessee for a nominal amount. The incremental borrowing rate of the lessee is 10.50% and the interest rate implicit in the lease is 10.05%. The fair value of the machine is $500,000.

Question: The lease is _____________(Operating/Finance lease/Outside scope of IAS 17).

If the lease allocates the interest using the actuarial method, the finance charge in the first year is ____________ ($38,190/$39,900/$50,250/$52,500/$120,000)

and the capital repayment is _____________ ($0/$67,500/$69,750/80,100/$81,810)

7) Which of the following should apply the measurement requirements for leases in IAS 17?

i- Lessors of investment property accounted for as finance leases
ii – Lessees of investment property accounted for as finance leases
iii – Lessees of office buildings of a specialized nature accounted for as finance leases
iv – Lessors of investment property under operating leases
v – Lessees of biological assets under operating leases
vi – Lessors of biological assets under operating leases