On 30 june 2020, dobbs ltd entered into 6 year finance lease for the right to use eqquipment.the fair value of the equipment at that inception of the lease is $150,000 and,the guaranteed residual value at the end of the lease period is $7500.the interest rate implicit in the lease is 8%and lease payments are made in advance on 30 june each year.an extract of the lease repayments shedule is as follows

dobbs ltd

extract of lease payment shedule

	minimus lease payments	interest expence	reduction in liability	balance of liability
30 june 20				$119,980
30 june 20	$32,000	--	$32,000	87,980
30 june 21	$32,000	7038	24,962	63,018
30 june 22	$32,000	5041	26,959	36,060

based on te lease repayment shedule,prapare the journal entries of the dobbs ltd to account for the finance lease from 30 june 2020 to 30 june 2022(note; narrations are not requied)