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Company A under GAAP Company B under IFRS The two companies leased equipment On January 1, 2023 from LeaseGerm company lease term is 8 years

Company A under GAAP

Company B under IFRS

The two companies leased equipment On January 1, 2023 from LeaseGerm company

lease term is 8 years

Annual lease payment 1200000

interest rate agreed upon by the two companies is 6%

the useful life 15

LeaseGerm had just recently purchased the machinery for $16,455,950

Reqyired

What journal entries for the two companies for year 2023 and 2024

And what would be the amounts and nature of expenses that the two companies would have reported for this type of leases

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