Could you please provide the schedule of lease receivable for lessor point of view?

On 1 July 2016, Torn Ltd acquired an item of plant for $31,864. On the same date, they entered into a three-year lease agreement with Brighton Ltd in relation to the asset. According to the lease agreement, Brighton Ltd agreed to pay $12,000 immediately, with a further two payments of $12,000 on 1 July 2017 and 1 July 2018.

At 30 June 2019, the asset is to be returned to the lessor and its residual value is expected to be $6,000. Brighton Ltd has agreed to guarantee a residual value of $5,000 at 30 June 2019. All insurance and maintenance costs are to be paid by Torn Ltd and are expected to amount to $2,000 p.a. The costs of preparing the lease agreement amounted to $360. The interest rate implicit in the lease is 9%. Plant is depreciable on a straight-line basis. The lease has been classified as a finance lease by both the lessee and the lessor.

Please use the format below:

Schedule of lease receivable (Lessor) Lease receivable Interest receivable |Receivable reduction Receivable balance 30/06/2016 30/06/2017 30/06/2018 30/06/2019