3.2 8 Points The following information is relevant to questions 3.2 and 3.3. On I July 2021, 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. At the commencement of the lease, it is reasonably expected that the Lessee will exercise the bargain purchase option. The lease agreement also contains the following information: Lease term (non-cancellable) 3 years Expected useful life of the leased machinery 6 years Expected salvage value at the end of useful life $10 000 Expected fair value of machinery at the end of lease term $60 000 Guaranteed residual value at the end of lease term $50 000 Net initial directly attributable costs Annual lease payment $20 000 $90 000 (paid in arrears with first payment made on 30 June 2022) Annual maintenance & insurance included in lease payments Interest rate implicit in the lease $10 000 10% p.a. 3.2 Complete the lease payment schedule below. Interest Reduction in Balance of lea Date Lease payment expense lease liability liability 1 July 2021 30 June 2022 30 June 2023 30 June 2024 3.3 List all journal entries associated with the above lease that the Lessee needs to record for the year ended 30 June 2024 when the Lessee exercises the bargain purchase option, in accordance with AASB 16 Leases