Corporate Reporting - Question 1
a) Year Lease Payments Present Value factor @ 10% Present value of lease payments
1 $ 100,000 1 $ 100,000
1-12 $ 70,000 6.814 $ 476,958
$ 576,958 [hence proved the implicit rate is 10%] AASB 16 - Leases
b) Construction Ltd Journal entries
1/07/23 Right of use asset $576,959
Lease Liability $576,959
1/07/23 Lease Liability $100,000
Bank $100,000
c) Crane Master Finance Ltd Journal Entr…
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