On 1 July 2015, Fast Ltd leased a machine from Furious Ltd

On 1 July 2015, Fast Ltd leased a machine from Furious Ltd. The machine had a fair
value of $235,000 en 1 July 2015. The lease agreement contained the fellevring previsicns:
I Nen-cancellable lease term 3 years
I Ecencmic life of plant 5 years
I Annual rental payment, in advance {1*‘ payment 1.10?! 15} $30,000
I Residual value at the end of the lease term $30,000
I Residual value guaranteed by the lessee $12,000
I Interest rate implicit in the lease 3% Fast Ltd intends to return the machine to Furieus Ltd at the end of the lease term. The fellcvving is extracted from present value and annuity factor tables: Periedfnumber of Present value of $1 at Present value of an
payments 3% annuity of $1 at 3% Required:
a} Prepare a lease schedule fer the lessee {round to the nearest dellar} 

b} Prepare jeumal entries in the backs of the lessee, for 1 July 2015 and 30 June 2013.