On 1 July 2021, Fishyfish Ltd. leased LASER Fish Cutting machine from Salmon Ltd. The machine cost Salmon Ltd $180,000 to manufacture and had a fair value of $215,607 at the inception of the lease. The expected useful life of the machine is 6 years. Fishyfish Ltd. intends to return the machine to Salmon Ltd at the end of the lease term. Included in the annual rental payment is an amount of $1,500 to cover the costs of maintenance and insurance paid for by the lessor. The lease agreement included the following details:

Lease term 5 years

Annual rental payment, paid in advance 1 July each year $ 51,500.00

Interest rate implicit in the contract 8%

Lessee guaranteed residual value at the end of the lease term Nil

Residual value of the machinery at the end of the lease term $ 15,000.00 .

In relation to the lease transactions, prepare the lease payment schedule for Fishyfish Ltd. with dates and prepare general journal entries in the books of Fishyfish Ltd for the year ended 30 June 2022. Round all amounts to the nearest dollar.