Hulk Ltd (Lessor) and Vision Ltd (Lessee) enter into a lease agreement for a crane on 30 June 2019. On that date, the crane had a fair value of $55,904. Details of the lease agreement are as follows: Lease term 4 years Annual Rental Payment in arrears starting from 30 June 2020 $15,000 Economic life of the Crane 6 years Estimated Residual value at the end of the lease term $20,000 Residual Value guaranteed by the lessee $15,000 Interest Rate implicit in the lease 7% The annual rental payment includes $3,000 that is reimbursed to the lessor to do the maintenance and insurance for the crane on behalf the lessee. The lessee intends to return the crane to the lessor at the end of the lease term. The lease receipts schedule for the lessor is shown below: Date Lease Receipts Interest Receivable Receivable Revenue Reduction Balance 30-Jun-19 $55,904 30-Jun-20 $12,000 $3,913 $8,087 $47,817 30-Jun-21 $12,000 $3,347 $8,653 $39,164 30-Jun-22 $12,000 $2,742 $9,258 $29,906 30-Jun-23 $32,000 $2,094 $29,906 $0 Required: Based on the above lease receipts schedule, prepare journal entries in the books of the lessor from the start of the lease until the year ended 30 June 2022. (10 Marks) Narrations are NOT required