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Prepare pharoah may journal entry

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Question - Pharoah Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $210,600 on May 1, 2020.The interest rate is 13%. Pharoah made the first lease payment of $36,318 on May 1, 2020. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Assume that at December 31, 2020, Pharoah made an adjusting entry to accrue interest expense of $15,104 on the lease. Prepare Pharoah's May 1, 2021 journal entry to record the second lease payment of $36,318. Assume that no reversing entries are made.

Reference no: EM133170403

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