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istion 6 Leases Leases Total: 10 marks n 1 July 2016, Wiley Ltd leased a piece of equipment from Pearson Ltd. The equipment nad a fair value of $145 000 on 1 July 2016. The lease agreement contained the following provisions: sletvib 3 years $50 000 4 years $15 000 Lease term (non-cancellable) Annual rental payments (1 payment due 01/07/16; ie, in advance) Estimated useful life of equipment Estimated residual value of equipment at the end of lease term Guaranteed residual value Interest rate implicit in the lease Present value of $1 in 3 years at 10% Present value of an annuity of $1 for 2 payments at 10% Present value of an annuity of $1 for 3 payments at 10% $10 000 10% 0.7513 1.7355 2.4869 Wiley Ltd depreciates equipment on a straight line basis. The reporting period ends 30 June. Required: a) Prepare a lease schedule for Wiley Ltd. (4 marks) b) Prepare journal entries to record the lease transactions and events for Wiley Ltd on 1 July 2017 and 30 June 2018 ONLY (6 marks) pem 7 of 11