Additional Problem 25 On 1 July 2016, Trippier Ltd entered into a non-cancellable, three-year lease of a computer system. The computer had a fair value of $15,100 and a present value of the minimum lease payments of $14,934. The computer had an estimated useful life of 4 years and a zero-residual value. The lease involved an initial payment of $2,500 on 1 July 2016 plus 3 annual payments of $5,000 Payments, except for the initial payment, are made on 30 June each year. The implicit interest rate in the lease is 10% pa. Ownership of the computer system will transfer to the company at the end of the lease term. Required: () Prepare a lease schedule for the three years of the lease. (ii) Assuming the lease is treated as a finance lease, record in general journal form, all journal entries relating to the lease asset AND lease liability for the year ending 30 June 2017. TUTORIAL PROGRAM (ii) Show how the lease would be reported in the Balance Sheet at 30 June 2017