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Point 1: SC Academy Ltd has a 31 December year end.
Point 2: SC Academy acquired an equipment under a finance lease agreement on 1 January 2018. Lease payments are $10,000 annually for three years, payable in arrears, the first instalment being due on 31 December 2018.
Point 3: The equipment would have cost $26,000 to buy outright and the estimated economic useful life of the asset is four years with zero residual value. The rate of interest implicit in the lease is 7%
Question a. Complete the amortisation schedule to determine the interest expenses and lease liability. Round all answers to the nearest dollar.
Year ending
Lcasc Payable Beg. Bal
$
Interest Expense
Lease payment
Reduction in Lease liability
Lease Payable End. Bal
31 Dec 2018
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31 Dec 2019
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31 Dcc 2020
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