Question
On 1 January 2019 a company leases a machine under a four-year lease. The machine has a useful life of five years. The company makes
On 1 January 2019 a company leases a machine under a four-year lease. The machine has a useful life of five years.
The company makes four annual payments of 60,000 on 1 January each year, starting on 1 January 2019.
The interest rate implicit in the lease is 7% and the discount actors are:
| Time |
|
| 1 | 0.934579 |
| 2 | 0.873439 |
| 3 | 0.816298 |
Required:
Show the entries in the lessees accounts for the life of the lease. Use IFRS 16.
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Mastering ISO Auditing A Comprehensive Guide To Learn ISO Auditing
Authors: Cybellium Ltd, Kris Hermans
1st Edition
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