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How the transactions would be journalised

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Question - Weepy has a building with a carrying amount of RM3.75 million and an estimated remaining useful life of 20 years as at 1 July 2013. On this date, Weepy sold the building to Happy for RM6 million and immediately entered into an agreement to lease the building from Happy for five years at an annual fair rental of RM400,000 payable in advance. The market value of the building on the date of sale was RM5 million. The directors would like you to describe the types of lease under MFRS 117 and how the above transactions would be journalised.

Reference no: EM132886769

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