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On 1 January 2019 (IFRS16), Wings plc enters into a six-year contract to lease an airplane. Annual payments under the contract amount to £100,000 and are paid at the end of each year. The contract also includes annual maintenance for the aircraft. Separately, annual lease payments and annual maintenance payments would amount to £95,000 and £11,000, respectively. Wings plc incurred initial direct costs of £5,000. The interest rate implicit in the lease is 6% per annum.
Required:
Question 1: Calculate the lease liability at the commencement of the lease.
Question 2: Calculate the carrying amount of the right of use asset on inception of the lease, as well as the annual depreciation charge.
Question 3: Prepare extracts from Wings plc's financial statement for the financial year ended 31 December 2019 to show how the lease is accounted for.
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