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On 1 July 2019, Pretzel Ltd leased an item of machinery to Boral Ltd for 3 years. Boral Ltd incurred legal costs and taxes of $1,200 when entering the lease contract.
The lessee's incremental borrowing rate is 3% per annum. The relevant present values are:
Number of periods to Maturity 3Interest Rate 3%Present Value of $1 due at Maturity 0.9151Present Value of an annuity of $1 until Maturity 2.8286
Required: Problem 1: Calculate the amount of the lease liability and right of use asset at 1 July 2019 for Boral Ltd, in accordance with AASB16: Leases.
Problem 2: Prepare a schedule of lease payments for Boral Ltd for the financial years ending 30 June 2020 and 30 June 2021, showing lease payments, interest expense, principal reduction, and outstanding lease liability
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