EX 4: On 31/12/2014, Mnar Corporation signed a five-year noncancelable lease for machinery The terms of the lease called for Manr to make annual payments of $60000 (includes $50000 exectory cost ) at the beginning of each year for five years with title to pass to Sauder at the end of this period. The equipment has an estimated useful life of 5years and no residual value. Mnar uses the straight-line method of depreciation for all of its fixed assets. The minimum lease payments were determined to have a present value of $250190 at an effective interest rate of 10%. Requirement: 1. Calculate the interest payable in 31/12/201482015 2. Prepare recorded journal entries in book of lessor in 31/12/2014&2015