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Burt Ltd enters into a non-cancellable 6-years lease agreement with Earnie 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 $1,138,618.
Required:
Problem 1) Determine the rate of interest implicit in the lease and calculate the present value of the lease payments.
Problem 2) Prepare the journal entries in the books of Burt Ltd at the start of the agreement and for the years ending 30 June 2024 and 30 June 2025
Problem 3) Prepare the portion of the statement of financial position for the year ending 30 June 2024 and 30 June 2025 relating to the lease asset and lease liability
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