Cessar Lltd leased a Scarvia heavy truck for the transportation of citizens between prisons in Victoria. The lease agreement contained the following provisions:
Lease term: 4 years
Rental payments made semi annually (commencing 1 Jan 2020 on delivery and payable 30/6) and thereafter 67,500.
Implicit Interest Rate- 10% p.a.
It is intended at the end of the lease term that the truck, which has an economic life of 10 years will be returned to the lesssor. Hutchins Truck limited. The rental payments include an amount of 7,500 per half year to cover the cost of insurance arranged and paid for by Hutchins Truck ltd. Cessar incurred legal expenses in the preparation of the lease documentation of $12,000.
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Provide the journal entries for Cessar Ltd on:
1 January 2020
30 June 2020