On 1 July 2023, Woomera Ltd leases equipment from Roxby Ltd. On that date, the equipment was in the books of Roxby Ltd at its fair value of $72 000. Woomera Ltd incurred $2,337 in costs to negotiate the lease. Roxby Ltd incurred $1 470 in costs to negotiate the lease. The details of the lease agreement are as follows.

Lease term	6 years
Initial annual payment, payable in arrears on 30 June each year	$12 500

Estimated economic life of equipment	8 years
Estimated residual value of equipment at end of lease term	$20 000
Residual value guaranteed by Woomera Ltd	$15 000
Implicit rate of interest	4%

Included in the initial annual payments are $1 500 in maintenance costs incurred by the lessor and reimbursed by Woomera Ltd. Woomera Ltd expects to make any payments necessary under the guarantee. Both companies have a reporting period ending 30 June.

Required

Prepare the lease payment schedule for Woomera Ltd

Prepare journal entries for Woomera Ltd to initially recognise the lease arrangement, 1 July 2023, and the necessary journal entries on 30 June 2024.

Prepare the lease receipt schedule for Roxby Ltd.

Prepare journal entries for Roxby Ltd to initially recognise the lease arrangement, 1 July 2023, and the necessary journal entries on 30 June 2024.