THE FOLLOWING INFORMATION RELATES TO QUESTIONS 1 TO 3 On 1 July 2019 Man Ltd entered into an arrangement to lease an item of equipment for five (5) years. The five (5) annual lease payments of $10,000 are due on 1 July of each year with the first lease payment required on 1 July 2019. Lease preparation and legal costs of $2,000 were paid on 1 July 2019. The arrangement also includes a residual amount of $5,000, due on 1 July 2024, that has been 100% guaranteed by Man Ltd. The lease arrangement's implicit rate of interest is 5%. The useful life of the equipment is seven (7) years. Ownership of the equipment will transfer to Man Ltd and the end of the lease term. Man Ltd has classified the arrangement as a lease under AASB 16: Leases and has adopted a 30 June year-end balance date. Man Ltd uses present value tables to calculate amounts rounded to the nearest whole dollar. Click here to access the present value tables. Required: Prepare ALL journal entries in relation to the equipment lease arrangement in Man Ltd's financial statements at 1 July 2019. Show all workings and ignore tax. Narrations are not required. Click here to access present value tables. NOTE: In your answer it is advisable to build a table with headings. Below is a suggested form of presentation. Use the table tool (Table Tool.png) to build the table and enter your answer into the table. Additional lines maybe required. Workings should be included above the table as a workings space cannot be inserted below the table. Workings: Date Particulars Debit $ Credit $ Question 2 6 pts Man Ltd has adopted the following accounting policies. Right-of-use assets: For depreciation purposes, an estimated residual value of zero (0) is adopted for right-of-use assets where ownership of the underlying asset transfers to Man Ltd at the end of the lease term. Required: Prepare ALL journal entries in relation to the equipment lease arrangement in Man Ltd's financial statements for the year ended 30 June 2020. Show all workings and ignore tax. Narrations are not required. Click here to access present value tables. NOTE: In your answer it is advisable to build a table with headings. Below is a suggested form of presentation. Use the table tool Table Tool.png) to build the table and enter your answer into the table. Additional lines maybe required. Workings should be included above the table as a workings space cannot be inserted below the table. Workings: Date Particulars Debit $ Credit $ Question 3 2 pts Required: Calculate the carrying amount of the lease liability that would be recognised in Man Ltd's financial statements at 30 June 2021. NOTE: In your answer it is advisable to build a table with headings. Below is a suggested form of presentation. Use the table tool (Table Tool.png) to build the table and enter your answer into the table. Additional lines maybe required. Workings should be included above the table as a workings space cannot be inserted below the table. Workings: Period Lease liability open bal Lease payment Interest @ 5% Lease liability closing bal