c) Prepare the journal entry

i.at the commencement date of the leasing

ii.to recognize the interest income at effective interest rate

iii.to record the lease payment from customer

SkyMoon Berhad is a character business company that produce diverse animation products to both children and families. The company has been established for over a decade ago which specialize in Feature Films, TV Series, Merchandising and other Intellectual Property business. The training department of SkyMoon Berhad, arranges with a computer distributor to use 10 units of laptop computers for training services to the staffs. The price per unit is RM3,200. For purchase in bulk of up to 10 units, the distributor provides a discount of RM200 per unit. For financing the purchase of the computers, the company arranges with a bank to pay RM30,000 directly to the distributor. The lease contract has a primary lease period of five years with yearly instalment of RM7,200 payable at the end of each year, and an indefinite secondary lease period after the fifth year at a nominal rent of RM1. This RM1 is included in the contract to legalise it as a finance lease but will not be collected. Required: Using excel, explain step by step on how you perform each questions below. a) Calculate the effective interest rate (until two decimal points). b) Prepare the lease receivable schedule