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Make all journal entries on july and june

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Question - On 1 July 2020, Cessnock Ltd (lessee) leased a Machine from Pokolbin Ltd (lessor).

The lease agreement contained the following:

Lease term 10 years

Useful life of Machine 15 years

Annual rent payment, in advance (commencing 1/7/2020) Subsequent payments are due on 1 July in following years $100,000

Residual value at end of lease term $50,000

Residual guarantee paid by lessee at end of lease $30,000

Interest rate implicit in lease 6%

Right-of-use Asset on 1 July 2020 - measured at NPV $796,921

Required - Make all journal entries on 1 July 2020 and 30 June 2021 for the lessee (Cessnock Ltd). Narrations are not required. Round your answer to zero decimal places.

Reference no: EM132571244

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