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11 points Note: Present Value and Present Value of Annuity tables are provided at the end of the exam in Question 7. Due to increased demand for local holidays in Australia, Country Holidays Lid leased an air-conditioned bus from a bus dealer, Sydney Bus Lid. Sydney Bus acquired the bus at the cost of $195,000. The bus will be painted with the Country Holidays logo and advertising, and the cost of repainting the truck to make it suitable for another owner four years later is estimated to be $55,000. Country Holidays plans to keep the truck after the lease but has not made any commitment to the lessor to purchase it. The terms of the lease are as follows: . Date of entering lease: 1 July 2023. . Duration of lease: 4 years. Life of leased asset: 5 years, after which it will have no residual value. Lease payments: $115,000 at the end of each year. . Interest rate implicit in the lease: 10 per cent. . Unguaranteed residual: $65,000. . Fair Value of truck at inception of the lease: $408,934. REQUIRED 1. Prepare the journal entries to account for the lease transaction in the books of the lessor, Sydney Bus Ltd, at 1 July 2023 and 30 June 2024. (3 marks) 2. Prepare the journal entries to account for the lease transaction in the books of the lessee Country Holidays, at 1 July 2023 and 30 June 2024. (3 marks) 3. On 30 June 2027, Country Holidays pays the residual of $65,000 and purchases the bus. Prepare all journal entries in the books of Country Holidays for 30 june 2027 in relation to the termination of the lease and the purchase of the bus