On 1 July 2020, Sherlock Ltd leased a processing plant to Holmes Ltd. The plant was purchased by Sherlock Ltd on 1 July 2020 for its fair value of $467,112. The lease agreement contained the following provisions. Lease term 3 years Economic life of plant 5 years Annual rental payment, in arrears (commencing 30/6/2021) $150,000 Residual value at end of the lease term $90,000 Residual guaranteed by lessee $60,000 Interest rate implicit in lease The lease is cancellable only with the permission of the lessor. 796 Holmes Ltd intends to return the processing plant to the lessor at the end of the lease term. The lease has been classified as a finance lease by both the lessee and the lessor. 1. (a) Your answer is incorrect. Prepare the lease payment schedule for the lessee. (Round factor values to 4 decimal places, eg. 5,2752 and final answers to O decimal places, e.g. 5,275.) 1 July 2020 30 June 2021 30 June 2022 30 June 2023 Holmes Ltd (lessee) Lease payments schedule Minimum lease payments Interest expense $ $ Liability Liabili reduction" balan $ $ "Note: The total of this column must equal the initial liability balance, which may require rounding the final interest revenue figure