Twomatic Trucks Ltd is a truck dealer who leases out trucks. During the financial year that...

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Twomatic Trucks Ltd is a truck dealer who leases out trucks. During the financial year that ended on 28 February 2023, Twomatic Trucks Ltd leased out a truck to a customer for whom the truck was too expensive to buy. Details regarding the truck: Cash price of the truck (fair value) Cost of the truck to Twomatic Trucks Ltd R 825 000 R 650 000 Details of the finance lease that commenced on 1 March 2022 are as follows: Annual lease payment payable in arrears R190 900 Lease term 5 years 9.50% p.a. Interest rate implicit in the lease R150 025 Unguaranteed residual value Initial costs incurred in obtaining and setting R7 000 up the lease paid on 1 March 2022 The market rate of interest is 9.50% p.a. Twomatic Trucks Ltd received the lease payment due on 28 February 2023. REQUIRED: Prepare the general journal entries required in the records of Twomatic Trucks Ltd to account for the lease for the year ended 28 February 2023. Dates are required. Twomatic Trucks Ltd is a truck dealer who leases out trucks. During the financial year that ended on 28 February 2023, Twomatic Trucks Ltd leased out a truck to a customer for whom the truck was too expensive to buy. Details regarding the truck: Cash price of the truck (fair value) Cost of the truck to Twomatic Trucks Ltd R 825 000 R 650 000 Details of the finance lease that commenced on 1 March 2022 are as follows: Annual lease payment payable in arrears R190 900 Lease term 5 years 9.50% p.a. Interest rate implicit in the lease R150 025 Unguaranteed residual value Initial costs incurred in obtaining and setting R7 000 up the lease paid on 1 March 2022 The market rate of interest is 9.50% p.a. Twomatic Trucks Ltd received the lease payment due on 28 February 2023. REQUIRED: Prepare the general journal entries required in the records of Twomatic Trucks Ltd to account for the lease for the year ended 28 February 2023. Dates are required.