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ACCY200 Financial Accounting IIA Autumn 2017 Special Question 6 (due in week 9 tutorial) On 1 July 2015, Fast Ltd leased a machine from Furious Ltd. The machine had a fair value of $235,000 on 1 July 2015. The lease agreement contained the following provisions: Non-cancellable lease term 3 years Economic life of plant 5 years Annual rental payment, in advance (1st payment 1/07/15) $80,000 Residual value at the end of the lease term $30,000 Residual value guaranteed by the lessee $12,000 Interest rate implicit in the lease 8% Fast Ltd intends to return the machine to Furious Ltd at the end of the lease term. The following is extracted from present value and annuity factor tables: Periodumber of Present value of $1 at Present value of an payments 8% annuity of $1 at 8% 2 0.8673 1.7833 3 0.7938 2.5771 Required: a) Prepare a lease schedule for the lessee (round to the nearest dollar) b) Prepare journal entries in the books of the lessee, for 1 July 2015 and 30 June 2016