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Financial Accounting Question-
On 1 July 2015, Fast Ltd leased a machine from Furious Ltd. The machine had a fair value of $235,000 on 1 July 2015. The lease agreement contained the following provisions:
Fast Ltd intends to return the machine to Furious Ltd at the end of the lease term. The following is extracted from present value and annuity factor tables:
Period/number of payments
Present value of $1 at 8%
Present value of an annuity of $1 at 8%
2
0.8673
1.7833
3
0.7938
2.5771
Required:
a) Prepare a lease schedule for the lessee (round to the nearest dollar).
b) Prepare journal entries in the books of the lessee, for 1 July 2015 and 30 June 2016.
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