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Calculate the lease asset and lease liability for Whitehorse Ltd (show workings). Prepare journal entries to account for the lease transaction in the books of

  1. Calculate the lease asset and lease liability for Whitehorse Ltd (show workings).
  2. Prepare journal entries to account for the lease transaction in the books of Whitehorse Ltd from 1 July 2022 to 30 June 2023. (Narrations are not required).
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Boxhill Ltd has entered into an agreement to lease office equipment to Whitehorse Ltd. The lease agreements details are as follows: Assume that the ownership will be transferred to the lessee Whitehorse Ltd at the end of the lease term. Present value factors

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