On 1 July 2015, Big Boss Ltd leased a processing plant to Small Fry Ltd. The plant was purchased by Big Boss Ltd on 1 July 2015 for its fair value of $467 112. The lease agreement contained the following provisions: 3 years 5 years Lease term Economic life of plant Annual rental payment, in arrears (commencing $150 000 30/6/2016) Residual value at end of the lease term $90 000 Residual guaranteed by lessee $60 000 Interest rate implicit in lease 7% The lease is cancellable only with the permission of the lessor. Small Fry Ltd intends to return the processing plant to the lessor at the end of the lease term. Required a) Prepare the lease payment schedule for the lessee (show all workings) and show the journal entries in the records of the lessee for the year ending 30 June 2016 ONLY. (10 marks) b) Prepare the lease receipt schedule for the lessor (show all workings) and show the journal entries in the records of the lessor for the year ending 30 June 2016 ONLY. (10 marks)