This is the question and answer, even i look at the answers i still don't get how to do it, Can someone please explain it? Thank you!

Part A (16 Marks) SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver goalposts to its customers on 1 July 2015. Lease payments of $23,000 are required annually in advance for 5 years (payable 30 June), and a residual payment of $6,592 is required. The implicit interest rate in the lease is 10% p.a. The truck has a useful life of 10 years with a salvage value of $10,000. Required Record the necessary journal entries for SBW Goalposts on the following dates 1. 1 July 2015 2. 30 June 2016 3. 30 June 2020 Question 3 Leases 20 Marks Part A 0 23000 100000 77000 1 23000 23000 15300 16830 and A 2 7700 6170 4487 2635.7 61700 44870 26357 5992.7 23000 23000 23000 3 77000 61700 44870 26357 5992.7 6591.97 18513 4 20364.3 599.27 -599.27 5 1 July 2015 100.000 Lease Asset Lease Liability 100.000 100 23.000 Lease Liability Cash . 23.000 35.0 30 June 2016 Lease Liability Interest Cash 15.300 7,700 lich 23,000 5 9,000 Amortisation Accum Amortisation 9.000 30 June 2020 Lease Liability Interest Cash 5,993 599 6,592 las 45,000 7. Accum Amortisation Accum Depreciation 45,000 100.000 Asset Leased Asset 100.000 Part B Divergence economic and legal substance Lease or buy Contracting incentives o Debt o Management