Terry Ltd (Lessor) and Shane Ltd (Lessee) enter into a lease agreement for a vehicle on 30 June 2020. Details of the lease agreement are as follows: Lease term 3 years Annual Rental Payment in advance starting from 30 June $46,000 2020 Estimated Residual value at the end of the lease term $10,000 Residual Value guaranteed by the lessee $5,000 Interest Rate implicit in the lease 7% The annual rental payment includes $1,000 that is reimbursed to the lessor to do the maintenance and insurance for the vehicle on behalf the lessee. The lessee intends to return the vehicle to the lessor at the end of the lease term. The lease payment schedule for the lessee is shown below: Date Lease Payment Interest Liability Liability Balance Expense Reduction 30-Jun-20 130,442 30-Jun-20 45,000 45,000 85,442 30-Jun-21 45,000 5,981 39,019 46,423 30-Jun-22 45,000 3,250 41,750 4,673 30-Jun-23 5,000 327 4,673 Required: Based on the above lease payments schedule, prepare the necessary journal entries in the books of the lessee on the following dates: 1. 30 June 2020 2. 30 June 2021 3. 30 June 2023 Narrations are NOT needed. (10 Marks)