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Prepare journal entries to record transaction for year ended

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Question - ABC Ltd leased equipment on 1 January 2019. The lease provided for four annual lease rentals of Ksh. 10 million payable in advance. The equipment has a useful life of four years and a nil residual value. The lessee incurred sh. 0.9 million in legal cost to complete the lease agreement. The cash selling price of the equipment was sh. 32.1 million. The interest rate implicit was 17% per annum.

Required -

i) Prepare the finance lease obligation amortization schedule.

ii) Prepare journal entries to record the transaction for the year ended 31 December 2019.

Reference no: EM132621899

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