Q4.2 6 Points On 1 July 2018, Candle Ltd commenced the lease of machinery for use in its manufacturing operations. Key details of this lease agreement were as follows: - Non-cancellable lease term of four years. - Annual lease payments of $50,000, commencing 30 June 2019. - Annual Maintenance \& Insurance included in annual lease payments $10,000. - Residual value guaranteed by lessee of $50,000. - Expected Fair value at end of lease term is $45,000. - The interest rate implicit in the lease is 8% p.a. - Candle Ltd does NOT intend purchasing the machinery at the end of the lease term. - The machinery's expected useful life is seven years with a scrap value of $30,000. Prepare journal entries related to the above lease contract in the books of Candle Ltd (the lessee) for the year ended 30 June 2022 (i.e., the end of the lease term). (Round your answers to the nearest whole dollar) (6 marks)