Trump Ltd (Lessor) and Biden Ltd (Lessee) enter into a lease agreement for a tractor on 30 June 2019. On that date, the tractor had a fair value of $150,486. Details of the lease agreement are as follows: Lease term 4 years Annual Rental Payment in arrears starting from 30 June $42,000 2020 Economic life of the Tractor 6 years Estimated Residual value at the end of the lease term $15,000 $10,000 Residual Value guaranteed by the lessee Interest Rate implicit in the lease 6% The annual rental payment includes $2,000 that is reimbursed to the lessor to do the maintenance and insurance for the tractor on behalf the lessee. The lessee intends to return the tractor to the lessor at the end of the lease term. The relevant discount rates are: Year 30/06/2019 1 30/06/2020 0.9434 30/06/2021 0.8900 30/06/2022 0.8396 30/06/2023 0.7921 Required: 1. Calculate the present value of the lease payments. (1 Mark) 2. Prepare the lease payment schedule for the lessee. (3 Marks) 3. Prepare journal entries in the books of the lessee from the start of the lease until the year ended 30 June 2021 (Narrations are not required). (6 Marks) Note: Please round off to the nearest dollar