Mark Richards Ltd enters an agreement to lease an asset from Michael Petersen Ltd. The lease...

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Mark Richards Ltd enters an agreement to lease an asset from Michael Petersen Ltd. The lease term is for seven years and the leased asset is initially recorded in Mark Richards Ltd's accounts as $250000 at the date of lease inception. The asset is expected to have a useful life of eight years. The lease terms include a guaranteed residual of $20000 and Mark Richards expects that the asset will have a residual value of $10000 at the end of its useful life. REQUIRED Determine the lease depreciation expense assuming that: (a) Mark Richards Ltd is expected to get ownership of the asset at the end of the lease term. (b) Mark Richards Ltd is not expected to get ownership of the asset at the end of the lease term... Mark Richards Ltd enters an agreement to lease an asset from Michael Petersen Ltd. The lease term is for seven years and the leased asset is initially recorded in Mark Richards Ltd's accounts as $250000 at the date of lease inception. The asset is expected to have a useful life of eight years. The lease terms include a guaranteed residual of $20000 and Mark Richards expects that the asset will have a residual value of $10000 at the end of its useful life. REQUIRED Determine the lease depreciation expense assuming that: (a) Mark Richards Ltd is expected to get ownership of the asset at the end of the lease term. (b) Mark Richards Ltd is not expected to get ownership of the asset at the end of the lease term...