PART 2 Panto Ltd entered into a lease for some land with Prop Ltd on 1 April 2020. Details of the lease agreement were as follows: The lease is for 1 year. As an incentive to enter into the lease, Prop Ltd provided for the last month to be rent free. There are 6 lease payments (a payment every 2 months) in advance. These are comprised of: 5 payments of $36,000 payable in advance with the first of these payable on 1 April 2020. 1 payment of $18,000 on 1 February 2021. The fair value of the land at 1 April 2020 was $980,000. Required: Assuming that the lessee has elected to apply the recognition exemption in AASB 16, prepare the journal entries required to account for this lease in the books of the lessee, Panto Ltd, for the year ending 30 June 2020. Show all calculations and dates for all journal entries. (Hint: You will need to show how you have calculated the lease expense)