Please prepare the lessee payment schedule and lessor lease receipt schedule for the following information:

0n 1 July 2016, Faith Ltd acquired an item of plant for $31,864. On the same date, Faith Ltd entered into a three-year lease agreement with Sunny Ltd in relation to the asset. According to the lease agreement, Sunny Ltd agreed to pay $12,000 immediately, with a further two payments of $12,000 on 1 July 2017 and 1 July 2018. At 30 June 2019, the asset is to be returned to the lessor and its residual value is expected to be $6,000. Sunny Ltd has agreed to guarantee a residual value of $5,000 at 30 June 2019. All insurance and maintenance costs are to be paid by Faith Ltd and are expected to amount to $2,000 p.a. The costs of preparing the lease agreement amounted to $360. The interest rate implicit in the lease is 9%. Plant is depreciable on a straight-line basis. The lease has been classied as a nance lease by both the lessee and the lessor. The relevant discount factors are as follows: Financial ear ended swans m Financial year ended 3mm? 0.9174 Financial year ended swans 0.3417 Financial year ended 30:6! 19 0.2722