Please answer 1 a,b and 2 a,b

On 1 July 2020, Sherlock Ltd leased a processing plant to Holmes Ltd. The plant was purchased by Sherlork Ltd on 1 July its fair value of $467 112. The lease agreement contained the following provisions. Lease term Economic life of plant Annual rental payment, in arrears (commencing 30/6/21) Residual value at end of the lease term Residual guaranteed by lessee Interest rate implicit in lease The lease is cancellable only with the permission of the lessor. 3 years 5 years 150 000 $90000 $ 60000 796 Holmes Ltd intends to return the processing plant to Sherlock Ltd at the end of the lease term. The lease has been classified as a finance lease by Sherlock Ltd. Required 1. Prepare: a. the lease payments schedule for Holmes Ltd (show all workings) b. the journal entries in the records of Holmes Ltd for the year ended 30 June 2022. Annual rental payment, in arrears (commencing 30/6/21) Residual value at end of the lease term Residual guaranteed by lessee Interest ra implicit in lease The lease is cancellable only with the permission of the lessor 5 year $ 150 00 $9000 $ 6000 Holmes Ltd intends to return the processing plant to Sherlock Ltd at the end of the lease term. The lease has been classified as a finance lease by Sherlock Ltd. Required 1. Prepare: a. the lease payments schedule for Holmes Ltd (show all workings) b. the journal entries id the records of Holmes Ltd for the year ended 30 June 2022. 2. Prepare: a. the lease receipts schedule for Sherlock Ltd (show all workings) b. the journal entries in the records of Sherlock Ltd for the year ended 30 June 2022