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Question 2 (30 mark) Aberdeen Ltd leases a Pickup truck from Kar Manufacturing Lid that cost Kar Manufacturing Ltd $ 100 000 to mamifacture.
Question 2 (30 mark) Aberdeen Ltd leases a Pickup truck from Kar Manufacturing Lid that cost Kar Manufacturing Ltd $ 100 000 to mamifacture. The lease agreement started on 1 July 2022 fer & years. The life of the Pickup truck is estimated to be 10 years with an unguaranteed residual value of $10 000 Lease payments are $20 000 paid annually on 30 June of each year for 8 years. The rate of interest implicit in the lease is 10%. Q2(a) Prepare the journal entry on 30 July 2023 in the books of Kar Manufacturing Ltd. (10 marks) D H B IA X. X" hp
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