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Question - G (lessor) enters into a finance lease with H (lessee) on 1 July 2015 for an item of machinery that has a fair value at that date of £226,718. The lease is for a period of 4 years, with annual lease payments of £62,000 due on 30 June each year, the first payment to be made in 2016. There is a bargain purchase option of £15,000 available for H to exercise at the end of the lease period. The rate of interest implicit in the lease is 6%. It costs G £190,000 to manufacture the machine. The economic life of the leased asset is five years, after which it will have no residual value. H uses the straight-line method for similar assets.
Required - Prepare the journal entries to account for the lease transaction in the books of the (a) lessor, G and (b) lessee, H, respectively, for 1 July 2015, 30 June 2016 and 30 June 2017.
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