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On 1 July 2020, Sand Ltd enters into a seven-year lease agreement with Bill Ltd. The lease is for an item of machinery that, at the inception of the lease, has a fair value of $231 140. The lease payments are made at the end of each year and amount to $60,000. The lease payments include cost of servicing the machinery at an amount of $10,000 per annum. The fair value of truck at inception of the lease is $263,948.
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Problem (a) Prepare the journal entries to account for the lease transaction in the books of Sand Ltd, at 1 July 2020 and 30 June 2021.
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