Wesco leases an asset to Brexsit under a five-year finance lease on 1 January 2011. The annual instalments are R100 000 payable in arrears on 31 December. The residual value of the asset guaranteed by Brexsit is R10 000 and the expected total residual value of the asset at the end of the lease is R15 000. The present values at the start of the lease discounted at the interest rate of 6% implicit in the lease are as follows: Present value of instalments = R421 200 Present value of guaranteed residual value = R7 470 Present value of unguaranteed residual value = R3 735 What is the amount of the lease receivable in Wesco's statement of financial position as at 31 December 2011? R432 405 R358 349 R354 390 R346 472 FX sells mobile phones with a 12-month warranty. Any defects arising during that period are repaired free of charge. It has been estimated that in any given year, 5% of phones sold will require minor repairs and 3% will require major repairs. If all the phones sold in 2019 required minor repairs the total cost would be R3million. If all the phones sold in 2019 required major repairs the cost would be R7million What amount of warranty provision should be included in the statement of financial position of FX as at the end of 2019? R360 000 R800 000 R400 000 R440 000