QUESTIONS 10 years On 1 July 2020, Residential Ltd (lessee) leased a building from Commercial Ltd (lessor). The lease agreement contained the following: Lease term Annual rent payment, in advance (commencing 1/7/2020) $50,000 Subsequent payments are due on 1 July in following years Residual value at end of lease term $5,000 Residual guarantee paid by lessee at end of lease $3,000 Interest rate implicit in lease 5% Right-of-use Asset on 1 July 2020-measured at NPV $407,242 Lease Receivable on 1 July 2020-measured at NPV $358,470 Required: Prepare all journal entries for the year ended 30th June 2021 for both the lessee (Residential Ltd) and the required. Round your answer to zero decimal places. (25 marks) ick Save and Submit to save and submit Click Save All Answers to save all answers