q6 and 7

ed of Profit and Loss and Other Conm mprehen e Katse Berhad for the year ended 31 December 2015 the Statement of Financial Position for Kr re the Statement Krause Bethad as at 31 repare the the relevant notes to the finance lease commitment bie Bhd. entered into a three year lease a dlweing machine. The machine has a fair value of RM34.3 agreem On 1 January 301 6 se the agreement, Feebie Bhd. agreed to pay RM12,000on 3 h d te to the agreemeAt31 lease a machine is to be throughout the lease period. At 31 December 2017, the lid and its residual value is expected to be RM6,000. Feebie Bhdured year residual value at 31 December 2017. The interest rate expected antee the imphit r usefual lieri guar is 20%. The lease is classified as a finance lease. The machine hasa ears and is depreciable on a straight-line basis. three y Required Prepare the related journal entries for the year 2015 in the books of Feebie B (a) (bl Prepare the Statement of Profit and Loss and Other Comprehensive In Income for Feebie Bhd. for the year ended 31 December 2016 (c) Prepare the Statement of Financial Position for Feebie Bhd. as at 31 December 20 (including the relevant notes to the finance lease commitment) Welly Berhad signs an agreement on 1 January 2015 to lease electronic equipment from Gracia Berhad. The term of the nod-ancelable finance lease is five option. The title of the equipment e no be passed to Welly Berhad at the end of the lease period. The agreement requir of RM20,000 beginning on 31 Dc ember 2015. There is an initial direct cost of RM2,50 that has to be borne by Gracia Berltsd. Interest rate in the lease is 10%, per annum. The equipment has an estimated economic life of five years. The fair value of the equipment at I January 2015 is RM90,000. Welly Berhad uses the straight-line depreciation method for all equipment 7 Berhad to make equal annual rental payments Required (a) Prepare the related journal entries for the year 2015 in the books of Welly Berhad (b) Prepare extracts of the Statement of Profit and Loss and Other Comprehensive Income for Welly Berhad for the year ended 31 December 2016 Prepare extracts of the Statement of Financial Position for Welly Berhad for the year ended 31 December 2016 (include the notes to the finance lease commitment) (c)