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ABC Ltd acquired the use of mixer truck under a lease agreement which commences 1 October 2019. The lease contains the following key agreements:
Initial payment : An initial payment of $100,000 to be paid on 1 October 2019 Lease Payments: 2 payments of $170,000 to be paid on 30 September 2020 and 30 September 2021 Transfer of ownership: Ownership of the mixer truck will transfer to ABC Ltd on 30 September 2021 after final payment. Interest rate : Implicit interest rate is 12% Additional information:
Problem 1: Prepare the journal entries in relation to the lease in the books of ABC Ltd for the year beginning 1 October 2019 to ending 30 September 2020. Narrations are required and show all workings.
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