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Question - On January 1, 20X1, Lessee enters into a 4-year lease of heavy machinery. Annual rental is P 200,000 payable at the beginning of each year. Lessee does not know the lessor's implicit interest rate. Lessee's incremental borrowing rate is 14%. Lessee incurs initial direct costs of P 50,000 in negotiating the lease. The underlying asset's remaining useful life is 10 years. Lessee uses the straight line method of depreciation.
Required -
a. Prepare the amortization table for the lease liability.
b. Provide the journal entries on the following dates: January 1, 20X1, December 31, 20X1 and January 1, 20X2.
c. Compute for the carrying amounts of the right-of-use asset and lease liability on December 31, 20X1.
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