On 1 July 2021, Melbourne Ltd leased a building from Sydney Ltd. The following are details of the building and the lease contract: The building has a fair value of $207 870. Lease term is 5 years, useful life of the building is 6 years, and Melbourne Ltd will leave the building at the end of the lease term. Lease payments are in arrears and will be paid on 30 June of each year, starting 30 June 2022, with $50,000 as the annual payment. Included in the annual payment is $2,000 to reimburse Sydney Ltd for payment on the insurance policy. Residual value of the building at the end of the lease term is $16,000, with Melbourne Ltd guaranteeing $12,000 of the residual value The interest rate implicit in the lease arrangement is 6% In setting up the lease arrangement Melbourne Ltd incurred $4,707, while Sydney Ltd incurred $6,282. Required: a) Prepare all the necessary journal entries for Melbourne Ltd (lessee) for the financial year 1 July 2021 - 30 June 2022 b) Calculate the balance of the lease receivable on 1 July 2022 for Sydney Ltd