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Lessor Ltd manufactures machinery for both sale and lease. On 1 July 2020, Lessor Ltd leased a machine to Lessee Ltd. The terms of the lease are presented in the following table. Cost to Lessor to manufacture the machine $24,500 Fair value of machine at initiation of the lease $49,292 Initial direct costs incurred by Lessor $1,900 Duration of lease in years 5 Economic useful life of the machine in years 6 Annual lease payment, payable on 30 June each year $12,000 Executory costs to be paid by lessee to lessor to reimburse lessor for insurance and maintenance costs (included in the annual payment above) $1,700 Estimated residual value of machine at end of lease term $12,000 Residual value guaranteed by lessee $8,000 Interest rate implicit in the lease 8? The lease was non-cancellable NB: Round all your answers to the nearest dollar amount. REQUIRED (i) Determine the lease receivable for Lessor Ltd at the inception of the lease. Lease receivable: $ (ii) Prepare the journal entries in the records of Lessor Ltd to account for the lease in the first year of the lease including initiation of the lease. Lease receivable Dr A Dr 7 Inventory Cr A Cr v Cash 0 0 Cash Dr Lease receivable Cr Cash Dr Cr (iii) Determine the lease liability for Lessee Ltd for the first year of the lease. Lease liability: $ (iv) Prepare the journal entries in the records of Lessee Ltd to account for the lease in the first year of the lease including initiation of the lease and in the last year of the lease. 1 July 2020 \fDr Cr Last year of the lease Interest expense Cash Cr 10300 Dr Cash Cr