Supply Ltd entered into a non-cancellable five-year lease arrangement with Customer Ltd on 1 July 2022 . The leased asset is a machine with an estimated useful life of six years and a salvage value of zero. There are to be five annual lease payments of $90,000, the first being made on 30 June 2023 . Customer Ltd determined that this contract contains a lease. There is a bargain purchase option that Customer Ltd will be able and likely to exercise at the end of the lease term for $30,000. The implicit interest rate is 12%. REQUIRED: (1) What is the balance of lease liability the lessee should record on 1 July 2022? Show your calculations. (2) Prepare the journal entries in the books of the lessee (Customer Ltd) from 1 July 2022 to 30 June 2023 (the end of the reporting period). Use PV tables provided at the end of this examination to do the calculations. Round all your answers to the nearest whole dollar amount