On 30 June 2017 Gisborne Ltd lease a vehicle to Tauranga Ltd. Gisborne Ltd had purchase on that day for its fair value of $89,721. The lease agreement contained the following: Lease term Annual payment, payable in advance on 30 June each year Economic life of the vehicle Estimated residual value at end of lease term $ $ Residual value guaranteed by lessee The following information relates to the lease: . Included in the annual payment is an amount of $1,900 to cover reimbursement of insurance maintenance costs paid by the lessor (i.e. executory costs). The directors of Tauranga Ltd have indicated that they intend to return the asset to Gisborne Lt the end of the lease term. The Present Value (PV) of lease payments has been calculated to be $85,457. The interest rate implicit in the lease is 7%. Required: Prepare a schedule summarising the lease payments to be made over the term of the lease. On 30 June 2017 Gisborne Ltd lease a vehicle to Tauranga Ltd. Gisborne Ltd had purchase on that day for its fair value of $89,721. The lease agreement contained the following: Lease term Annual payment, payable in advance on 30 June each year Economic life of the vehicle Estimated residual value at end of lease term $ $ Residual value guaranteed by lessee The following information relates to the lease: . Included in the annual payment is an amount of $1,900 to cover reimbursement of insurance maintenance costs paid by the lessor (i.e. executory costs). The directors of Tauranga Ltd have indicated that they intend to return the asset to Gisborne Lt the end of the lease term. The Present Value (PV) of lease payments has been calculated to be $85,457. The interest rate implicit in the lease is 7%. Required: Prepare a schedule summarising the lease payments to be made over the term of the lease