3.2 7 Points The following information is relevant to questions 3.2 and 3.3. On 1 July 2022, the lessee enters into a three-year lease of a machinery. The lease contract provides the lessee with an option to purchase the machinery with a buy back price of $40,000. However, it is reasonably expected that the lessee will not exercise the bargain purchase option. The lease agreement also contains the following information: Lease term (non-cancellable) Expected useful life of the leased machinery Expected salvage value at the end of useful life Expected fair value of machinery at the end of lease term Residual value guaranteed at the end of lease term Net initial directly attributable costs Annual lease payment (paid in arrears with the first payment made on 30 June 2023) Interest rate implicit in the lease The lessee uses straight-line depreciation for the leased machinery. 3 years 6 years $5.000 $30 000 $50 000 $20 000 $80 000 10% p.a. 3.2 Required: Complete the lease payment schedule below. Interest Reduction in Date Lease payment expense lease liability Balance of lease liability I July 2022 Please upload your answer in PDF below: Please select file(s) Select file(s) 3.3 Required: List all journal entries associated with the lease above that the lessee needs to record for the year ended 30 June 2025 in accordance with AASB 16 Leases. Please upload your answer in PDF below: Please select file(s) Select file(s)