SALES AND LEASE BACK QUESTION:

At the beginning of 2019 ZF entered into a sale lease back arrangement with a finance company, YK. The details were as follows:

• Equipment net book value on January 2, 2019 was $ 300,000
• Remaining useful life of 15 years.
• Depreciated using the straight line method.
• YK took title on January 2, 2019 and immediately leased the asset back to ZF for 5 years at monthly rental of $4,000 due at the beginning of each month starting January 2, 2019.
• The agreed selling price for the equipment was $ 800,000 and this was paid to ZF on January 2, 2019.
• ZF has existing debt with an interest rate of 5% and YK demands a minimum 6% on projects such as this.
• ZF is aware of YK's rate of return.

Need the accounting for the lessee/seller (ZF) for the year 2019 (January to December), specifically the journal entries under both ASPE and IFRS