Case Study 14 Good Logs Lid is a manufacturer of commercial cradle sorting madtinery for both sale and lease, On 1 July 2023, Aquasar Lid entered into a three year lease agreement with Good Eggs Lid for machinery that cost $140,000 to manufacture. This machinery is expected to have a useful life of four years, after which it will have a salvage value of $28.000. Aquaear Lid made an initial payment of $76,000 upon signing the lease agreement with three annual lease payments of $38 000 to follow, with the first being made on 30 June 2024, Included in these three annual lease payments is an amount of $3,000 representing a payment to the lessor for the insurance and maintenance of the equipment for the past year, The residual value at the end of the lease term is $40,000 and the lessee has guaranteed $20,000, Aquaear Lid intends to return the machinery to Good Eggs Lid at the and o the lease term, aquired: A, Prepare the lease receipts schedule for Good Eggs Lid using the interest rate implicit in th lease of x % (You will be advised of the interest rate to use during the workshop). Sho all workings and round off to the nearest dollar. (10 marks) Prepare the journal entries for Good Eggs Lid for the full year from 1 July 2023 to 30 J 2024. Show all workings and round off to the nearest dollar. Narrations are required. marks)