1. On 1 July 2020, Sami Ltd leased a machine from Jimmy Ltd. The machine cost Jimmy Ltd OMR1,300,000 to manufacture and had a fair value of OMR1,541,090 on 1 July 2020. The lease agreement contained the following provisions:

Lease term	4 years
Annual rental payment, in advance on 1 July each year	OMR 415,000
Residual value at end of the lease term	OMR 150,000
Residual guaranteed by lessee	nil
Interest rate implicit in lease	8%
The lease is cancellable only with the permission of the lessor.

The expected useful life of the machine is 6 years. Sami Ltd intends to return the machine to the lessor at the end of the lease term. Included in the annual rental payment is an amount of OMR15,000 to cover the costs of maintenance and insurance paid for by the lessor.

Required

A. Prepare the lease payment schedule for the lessee (show all workings); and

B. Prepare the lease receipt schedule for the lessor (show all workings)