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Prepare extracts for the financial statements

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Question: On 1 January 2019, Time Limited entered into a four-year contract to lease a machine. The annual lease payments are £20,000, payable in arrears on 31 December each year. The interest rate implicit in the lease is 10%. There were no initial direct costs. The first lease instalment was paid on 31 December 2019.

Time Limited calculates depreciation on a straight-line basis and the machine is expected to have no residual value at the end of the lease term.

Requirement: Based upon the information provided above, prepare extracts for the financial statements of Time Limited for the year ended 31 December 2019 in accordance with IFRS 16 Leases.

Reference no: EM132758912

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