On 1 July 2020, LLC Ltd leased a processing plant from Sony Ltd. The plant was purchased by Sony Ltd on 30 June 2020 for its fair value of $329,305. The lease agreement contained the following provisions. The lease term is for 3 years, starting on 1 July 2020 n Annual lease payment, payable on 30 June each year $117,000 Estimated useful life of plant Estimated residual value of plant at end of lease term Residual value guaranteed by lessee (LLC Ltd) 5 years $35,000 $27,000 Interest rate implicit in the lease 8% Present value of $1 annuity over 3 years at 8% per 2.577097 annum Present value of $1 lump sum in 3 years at 8% per 0.793832 annum Required 1. Prepare the lease receipts schedule for Sony Ltd. (4 marks) 2. Prepare the journal entries in the records of Sony Ltd at the inception of the lease and for the year ended 30 June 2021. (5 marks)