please prepare the journal entry, on the commencement date, to initially recognise the finance lease recievable. include any workings if possible:)

NT 3 Semester 1 2021 QUESTION 2 Lessor Ltd, who leases out equipment, has requested your help because their accountant has gone on extended stress leave. The lease details, for an item of equipment purchased on 31 March 2019, are below: ssf Commencement date Upfront payment due on the commencement date Lease term for equipment item Fixed payments per annum at year end Purchase option price. The lessee is reasonably certain to exercise this option. Interest rate implicit in the lease Economic life of equipment asset Depreciation method used by lessor The relevant present value discount factors are: Present value of $1 in n periods 1-3 i = 6% Present value of an annuity n3 i = 6% 1 April 2019 $30 000 3 years $100 000 $ 50 000 -6% 5 years, Straight line 0.8396 2.6730 Required: Assume the lease was classified as a finance lease