1 On 30 June 2023, CarsRUs Ltd leased a vehicle to Glass Ltd. CarsRUs Ltd had purchased the vehicle on that day for its fair value of $75,000. The lease agreement, which cost CarsRUs Ltd $600 to have drawn up, contained the following provisions:>>> Lease term- 5 years Initial payment upon signing of lease on 30 June 2023 $25,000 Annual payments, payable in advance on 30 June 2024, 2025, 2026 and 2027. $18,300 Economic life of the vehicle- 6 years Residual value at the end of the lease term: $10,000 Residual value guaranteed by lessee: $8,500 The lease is cancellable with the permission of the lessor. All of the five payments included an amount of $1,100 p.a. to cover reimbursement for the costs of insurance and maintenance paid by the lessor. The directors of Glass Ltd have indicated that they intend to return the vehicle at the end of the lease. Required: A. Prepare the lease payments schedule for Glass Ltd Ltd using the interest rate implicit in the lease of twelve percent (12%). Show all workings and round off to the nearest dollar. (10 marks) B. Prepare the journal entries for the years ended 30 June 2023 and 30 June 2024. Narrations are required. (10 marks)