Question: PART A (5 marks) Moshman Ltd enters into a contract with Lessor Ltd for the use of a mining truck for one week to replace

 PART A (5 marks) Moshman Ltd enters into a contract with

PART A (5 marks) Moshman Ltd enters into a contract with Lessor Ltd for the use of a mining truck for one week to replace a truck that has broken down. The truck is to be used to transport ore from central Queensland to the port of Brisbane. Lessor does not have substitution rights. The ore to be transported, and the timing and location of pick-up in central Queensland and delivery at the port of Brisbane are specified in the contract. Only the amount of ore specified in the contract is permitted to be transported on this truck for the one-week period of the contract. The contract specifies a maximum distance that the truck can be driven. Moshman Ltd is responsible for driving the truck from central Queensland to the port of Brisbane and is able to choose the details of the journey (including speed, route and rest stops) within the parameters of the contract. Moshman Ltd does not have the right to continue using the truck after the specified trip is complete. REQUIRED: Identify whether a lease exists for Moshman Ltd in accordance with the provisions of AASB 16 'Leases'. Provide any necessary explanations to support your

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