According to IFRS 16 Leases, at what initial amount must a lessee measure the right-of-use asset acquired under a lease?

A cutting machine was purchased on 1 January 20X4 for $300,000. Its carrying amount as at 31 December 20X4 was $250,000. On 1 January 20X5, it was sold at its fair value of $320,000, and leased back for five years. The present value of the lease payments is $240,000. The sale meets the revenue recognition requirements of IFRS 15. What profit should be recognised in the statement of profit or loss for the year ended 31 December 20X5 as a result of this sale and leaseback transaction (to the nearest whole dollar)?

A right-of-use lease relates to a machine with a fair value of $220,000. The agreement requires a deposit of $20,000 paid on 1 January 20X5 followed by five equal annual instalments of $55,000 starting on 31 December 20X5. The implicit rate of interest is 11.65%. What is the interest expense charged to profit or loss for the year ended 31 December 20X6 (to the nearest whole dollar)?