On 31 December 2016, ChiHerbal Ltd has entered into an agreement to lease a Machine from a manufacturer, Cessnock Ltd. The lease agreement details are as follows Length of lease, non-cancellable 5 years 1 July 2017 $8,000 $35,322 $31,000 f years $3,000 $2,160 3% date Annual lease payment, commencing 1 July 2017 Usual selling price of (fair Value) the Machine at 1 July 2017 Lessor's carrying amount of the machine at 1 July 2017 Estimated useful life of the Machine Estimated residual value of the plant at the end of its economic life Residual value at the end of the lease term, 100% is guaranteed by ChiHerbal Ltd Interest rate implicit in the lease Required a) Prepare a schedule of lease payments for the entire lease term and the joumal entries for ChiHerbal Ltd in respect of the lease for the financial year ended 30 June 2018 and 2019 only (20 marks) b) Prepare a schedule of lease receipts for the entire lease term and the journal entries for the manufacturer, Cessnock Ltd for the financi 2018 and 2019 only in respect of the lease for the lease term (15 marks) al year ended 30 June