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Katy Corp, purchased an item of equipment on 1 July 2020 and leased this equipment to Perry Ltd on the same day. The equipment is to be depreciated on a straight-line basis. The financial year-end date is 30 June. The following information is available: Lease term 5 years Lease payments the annual lease payment is $30.500. The first annual lease payment is payable on 1 July 2020. The subsequent four annual lease payments are due on 30 June Useful life of the equipment 6 years Interest rate implicit in the lease: 10% The residual value at the end of the lease term is expected to be $8,500, of which Perry Lod guaranteed is $5,500 Katy Corp. classifies the lease as a finance lease. Answer the following questions What is the reseat value of Guaranteed residual.valut? . What is the balance of Lease Liability that Perry Led should record on its balance shoot at the inception date of the lease? What is the balance of Lease Receivable that Katy Ltd should record on its balance sheet at the inception date of the Seaso? d. What is the degreciation expense that Katy Ltd should record for the financial year ended on 30 June 2021? Show all colculation workings. No narration required. Round all your answers to the nearest whole dollar amount