AJ Ltd decides to lease a machine from Granny Ltd for a period of 7 years by
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Question:
According to the requirements of AASB 16:
a) Confirm the interest rate implicit in the lease is 10% and show your calculations.
b) Prepare the lease payment schedule for the life of the lease.
c) Record entries in general journal form to record the lease transactions at 1 July 2011 and at 30 June 2012 for AJ Ltd
d) Show what would be reported in the statement of financial position for AJ Ltd at 30 June 2012.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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