On July 2020, Table Ltd leased equipment from Chair Ltd. The following are details of the equipment and the lease contract Not yet overed Marked out of 15:00 On 1 July 2020 equipment has a fair value of $110,000 (at fair value in Chair Ltd's accounts) Hay question Lease term is 5 years, useful life of the equipment is 6 years and Table Ltd will return the equipment at the end of the lease term Lease payments are in advance and will be paid on 1 July of each year, starting 1 July 2020, with $24,000 as the annual payment Residual value of the equipment at the end of the lease term is $8,000, with Table Ltd guaranteeing 75% of the residual value The interest rate implicit in the lease arrangement is 6% Present value of $1 in 5 years at 6% is 0.7473 Present value of 31 annuity for payments at 6% is 3.4651 Present value of $1 annuity for 5 payments at 6% is 4.2124 In setting up the lease arrangement Table Ltd incurred costs of $2354, while Chalo Ltd incurred costs of $3,141 Required: a) Prepare the necessary journal entry(ies) for Table Ltd on 1 July 2020. (7 marks) b) Calculate interest and depreciation expense incurred on 30 June 2021 for Table Ltd. (3 marks) c) Prepare the necessary journal entry(ies) for Chair Ltd on 1 July 2020