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Question - On 1 July 2022, Monkey Ltd leased a plastic-moulding machine from Wise Ltd. The machine cost Wise Ltd $65 000 to manufacture and had a fair value of $77 055 on 1 July 2022. The lease agreement contained the following provisions. Lease term 4 years Annual rental payment, in advance on 1 July each year $20 750 Residual value at end of the lease term $7 500 Residual guaranteed by lessee nil Interest rate implicit in lease 8% The lease is cancellable only with the permission of the lessor. The expected useful life of the machine is 5 years. Monkey Ltd intends to return the machine to the Wise Ltd at the end of the lease term. Included in the annual rental payment is an amount of $750 to cover the costs of maintenance and insurance paid for by the lessor.
Required -
1. Prepare the lease payments schedule for the Wise Ltd (show all workings).
2. Prepare the journal entries in the books of Wise Ltd for the year ended 30 June 2023.
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