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ABC Co. leased a new machine from XXX Inc. on January 1, 20X1, under a lease with the following information:
Lease term = 10 years Annual rent payable at the end of each year = P 80,000
Useful life of the machine = 12 years
Implicit interest rate = 14%
Lessee's incremental borrowing rate = 12%
The annual rental payment includes P 6,000 to cover maintenance costs. The maintenance costs transfer services to ABC. The amount charged reflects the stand alone selling price of the maintenance services.
Requirements:
Question a. Provide the entries in 20X1 and 20X2.
Question b. Determine the current and non-current portions of the lease liability on December 31, 20X1.
Prepare an extract of the Statement of Financial Position showing how the machinery would be professionally disclosed as at 30 June 2020
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