PLZ PLZ HELP

On 1 July 2020, Bobs Building Co Ltd leased a crane from ABC Finance Ltd. The crane cost ABC Finance Ltd $657,000, considered to be its fair value, on that same day. The finance lease agreement, which cost ABC Finance Ltd $1,525 to have drawn up, contained the following clauses: Lease term: 5 years The lease was non-cancellable. Annual rental payment, in arrears: (commencing 30/6/21) $155,000 Residual value at end of the lease term: $70,000 Residual guaranteed by Bobs Building Co Ltd: $50,000 Interest rate implicit in lease: 8% The expected useful life of the crane was 9 years. At the end of the lease term, the crane was returned to the lessor who sold it for $149,000 on 3 July 2025. Included in the annual rental payment was an amount of $2,000 to cover the costs of maintenance and insurance paid for by the lessor