The Man Po Automobile Company leases automobiles under the following terms. A three-year lease agreement is signed on 1 May 2015. At the end of the lease term, the asset will be returned to the lessor. The lessor receives annual rental of $4,000 in advance. The guaranteed residual value is $5,000. The expected residual value is $1,500 at the end of lease term. The price of the automobile is $14,500. The implicit interest rate (used by the lessor) is 12%, which is known to the lessee, and the lessee's incremental borrowing rate is 14%. The lessee depreciates its automobiles on a straight-line basis. The useful life of the automobile is 5 years. 1st payment -1 May 2015 and subsequent payments on 30 Apr each year (reporting date) Required: Prepare the entries on the lessee's books for the above lease transactions in the year of 2015, 2016, 2017 and 2018