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On 30 June 2020 Jerry Limited leased a machine (non-current asset) from Elaine Limited. The following represents the key terms of the lease agreement. Lease term 3 years Annual lease payment (payable in advance on 30 June each year) $82,300 Estimated useful life of the machine 4 years Estimated residual value at the end of the lease term $50,000 Residual value guaranteed by lessee $35,000 Interest rate implicit in the lease 6% The annual lease payments include executory costs of $2,300. Elaine Limited pays the executory costs on behalf of Jerry Limited every year. Jerry Limited intends to return the asset to the lessor at end of the lease term. The costs incurred by Elaine Limited for the preparation of the lease were $4,000. The lease is classified as a finance lease in accordance with AASB 16 'Leases'. Required
Problem (a) Prepare the lease payments schedule for the lessee (show all workings).
Problem (b) Prepare the journal entries in the books of the lessee from 30 June 2020 to 30 June 2021.Problem (c) Prepare the lease receipt schedule for the lessor (show all workings).Problem (d) Prepare the journal entries in the books of the lessor from 30 June 2020 to 30 June 2021
There are at least 60 Australian Accounting Standards. Briefly describe the meaning of the Fair Value accounting. What is the purpose of this standard
Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatem..
Prepare the entry for May 1, 2007. The bonds are sold on August 1, 2008 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale. (Show all calculations).
The gain is included in the net income reported by the Parent. Determine the non-controlling interest net income
ship corporation had outstanding 100000 shares of no-par common stock. on january 10 2010 shore company purchased a
(a) Describe the value to the audit client of the audit firm providing consultancy services. (b) Why is it undesirable for audit firms to provide consultancy services to audit clients?
Compute the missing Asset amount that would appear in the corporation's trial balance according to the basic accounting equation
Based on this information, the statement of partners' equity would show what amount as total capital for the partnership on December 31
Assume the following cost of goods sold data for a company: If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018
torrid romance publishers has total receivables of 2820 which represents 20 days sales. total assets are 70500. the
Research in Activity-Based Costing or Activity-Based Management Select an article from Strategic Finance, Cost Management , or Management Accounting Quarterly.
Give examples of transactions which may alert the auditor regarding possible previously unidentified related party transactions.
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