0 out of 3 points On 30 June 2019, Asahi Ltd has entered into an agreement to lease a beer-making machine to Hite Ltd.

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0 out of 3 points On 30 June 2019, Asahi Ltd has entered into an agreement to lease a beer-making machine to Hite Ltd. The lease agreement details are as follows: . lease term is 5 years estimated economic life of the leased asset is 6 years 5x annual lease payments of $29,000 at the end of each year, commencing on 30 June 2020 residual value of $20,000 at the end of the lease term is not guaranteed by Hite Ltd interest rate implicit in the lease is 7% Asahi Ltd purchased the machine just before the inception of the lease and classified this lease as a finance lease. Do not include commas and dollar sign ($) in your answers. Present $1,000 as 1000. Round all your answers to the nearest whole dollar amount. Required: 1. What is the balance of Lease Liability that Hite Ltd should record on its balance sheet at the inception date of lease? [1] 2. What is the balance of Lease Receivable that Asahi Ltd should record on its balance sheet at the inception date of lease? [2]