Question 3 (Total: 20 marks) Stella Ltd manufactures specialised machinery for both sale and lease. On 1 July 2020, Stella Ltd leased one of these machines to Josh Ltd, incurring $3,000 in costs to prepare and execute the lease document. Josh Ltd incurred $2,000 in costs to negotiate the agreement. The machine being leased cost Stella Ltd $65,000 to manufacture. The machine is expected to have an economic life of 5 years, after which time it will have a residual value of $1,000. The terms of the finance lease are as follows. Lease terms 3 years $28,000 $6,000 Annual payments (1st payment due on 1 July 2020) Estimated residual value at the end of the lease term Residual value guaranteed by Josh Ltd Interest rate implicit in the lease $4,000 6% All insurance and maintenance costs are paid by Stella Ltd and amount to $4,000 per year and will be reimbursed by Josh Ltd by being included in the annual lease payment of $28,000. The machine will be depreciated on a straight-line basis. It is expected that Josh Ltd will return the machine to Stella Ltd at the end of the lease. Required 1) Prepare the lease payment schedule for Josh Ltd. (9 marks) nav Tarinlandia EL