Additional Problem 24 Hawke Ltd leased an item of machinery to Banda Ltd on 1 July 2013. The agreement contained the following details 3 years Lease term Initial lease payment $22.000 (at commencement of lease) $22.000 (due at 30 June each year) $10,000 (due on 30 June 2016) Annual lease payment Guaranteed residual payment Interest rate implicit in the lease 10% Useful life of machinery 6 years Residual value of machinery $20,000 The lease is non-cancellable and the machinery is to be retained by Banda Ltd at the end of the lease term The fair value of the machinery at 1 July 2013 was $85,000 and the present value of minimum lease payments is $84,224. Required: (a) Prepare a schedule of lease payments for Banda Ltd (b)Prepare the general journal entries required for the first year of the lease the year ending 30 June 2014) assuming a finance lease (c) Prepare an extract from the statement of financial position as at 30 June 2015 providing the figures for the leased asset