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Gregory Ltd enters into a non-cancellable five-year lease agreement with Sanders Ltd on 1 July 2023. The lease is for an item of machinery that, at the inception of the lease, has a fair value of $231 140. The machinery is expected to have an economic life of seven years, after which time it will have no residual value. There is a bargain purchase option, which Gregory Ltd will be able to exercise at the end of the fifth year, for $50 000.
Problem 1: Prepare the journal entries for the years ending 30 June 2024 and 30 June 2025 in the books of:
A. Sanders Ltd B. Gregory Ltd.
amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables?
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